FX.co ★ USDJPY is facing bearish pressure.

Price is reacting below first resistance at 110.802 which is in line with 78.6% Fibonacci extension. It could potentially bearish from first resistance to first support at 109.113 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension. Otherwise price may continue to bullish to 2nd resistance at 127.2% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 110.802

Reason for Entry:

78.6% Fibonacci extension

Take Profit: 109.113

Reason for Take Profit:

78.6% Fibonacci retracement and 100% Fibonacci extension

Stop Loss: 111.408

Reason for Stop Loss:

127.2%% Fibonacci retracement and 100% Fibonacci extension