FX.co ★ USDJPY testing 1st support, potential for a bounce!

Price is testing 1st support, in line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback support. We could see a bounce and further rise up towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. RSI is also approaching the lower support level where price has bounced in the past, showing possible signs of bullish pressure as well.

Trading Recommendation

Entry: 110.152

Reason for Entry:

61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback support

Take Profit: 110.824

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 109.804

Reason for Stop Loss:

Horizontal swing low support