empty
 
 
27.08.2021 07:35 AM
USDJPY is facing bearish pressure

Price is reacting below first resistance at 110.815 which is in line with horizontal swing high and 78.6% Fibonacci extension. It could potentially bearish from first resistance to first support at 109.117 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish view is further supported by how stochastic is reacting below the resistance where price dropped in the past. Otherwise price may continue to bullish to second resistance at 111.157 in line with 127.2% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 110.815

Reason for Entry: horizontal swing high and 78.6% Fibonacci extension

Take Profit: 109.117

Reason for Take Profit: 78.6% Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 119.157

Reason for Stop Loss: 127.2% Fibonacci retracement and 100% Fibonacci extension.

This image is no longer relevant

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback