FX.co ★ USDJPY facing bullish pressure, potential for further upside!

USDJPY is facing bullish pressure as it took support from the key support level, in line with 23.6% Fibonacci retracement and horizontal overlap support. Prices are likely to increase to 1st resistance at 127% Fibonacci retracement and 78% fib extension.

Trading Recommendation

Entry: 105.72

Reason for Entry: 23.6% Fibonacci retracement and horizontal overlap support

Take Profit: 106.17

Reason for Take Profit: horizontal swing high

Stop Loss: 105.29

Reason for Stop Loss: horizontal swing low, 50% Fibonacci retracement