FX.co ★ USDJPY at descending trendline resistance, potential for drop.

Price is at descending trendline resistance where it could potentially swing towards support at 109.113, in-line with 78.6% Fibonacci Retracement and 61.8% Fibonacci Extension. Otherwise, price may bullish above the 1st resistance at 110.147 in line with 61.8% Fibonacci retracement and 50% Fibonacci extension towards 2nd resistance 110.546 in line with 78.6% Fibonacci Retracement and 61.8% Fibonacci Extension.

Trading Recommendation

Entry: 110.147

Reason for Entry:

61.8% Fibonacci retracement and 50% Fibonacci extension

Take Profit: 109.113

Reason for Take Profit:

78.6% Fibonacci Retracement and 61.8% Fibonacci Extension

Stop Loss: 110.549

Reason for Stop Loss:

78.6% Fibonacci Retracement and 61.8% Fibonacci Extension