FX.co ★ USDJPY holding below descending trendline resistance. Further drop incoming!

Price holding below descending trendline resistance. A short term drop below 1st resistance at 109.182 towards 1st support at 108.975 can be expected.

Trading Recommendation

Entry: 109.182

Reason for Entry:

78.2% Fibonacci retracement, descending trendline resistance

Take Profit: 108.975

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 109.287

Reason for Stop Loss:

-27.2% Fibonacci retracement, Graphical swing high