FX.co ★ USDJPY Bearish Continuation | 15th Dec 2021

On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. We can expect the price to drop from 1st Resistance in line with 38.2% Fibonacci retracement to the 1st Support in line with 127.7% Fibonacci projection, horizontal support and 100% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.

Trading Recommendation

Entry:113.771

Reason for Entry:

38.2% Fibonacci retracement, horizontal resistance

Take Profit: 112.740

Reason for Take Profit:

Horizontal support,100% Fibonacci projection and 127.2% Fibonacci extension

Stop Loss: 114.057

Reason for Stop Loss:

50% Fibonacci retracement