FX.co ★ USDJPY approaching resistance, potential for bounce

USDJPY is approaching horizontal swing high resistance in line with 38.2% Fibonacci retracement and 50% Fibonacci extension . Prices might reverse and push down towards horizontal pullback support in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension . If prices push up, prices might face resistance from horizontal pullback resistance in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also above prices, showing a bullish pressure for prices..

Trading Recommendation

Entry: 111.218

Reason for Entry:

Horizontal overlap resistance, 50% Fibonacci extension, 38.2% Fibonacci retracement

Take Profit: 110.695

Reason for Take Profit:

Horizontal pullback support, 127.2% Fibonacci extension, 78.6% Fibonacci retracement

Stop Loss: 111.495

Reason for Stop Loss:

Horizontal pullback resistance, 78.6% Fibonacci retracement, 78.6% Fibonacci extension