USDJPY is facing bearish pressure from our descending trendline resistance and Ichimoku cloud, in line with our bearish bias. We could see a reversal below our 1st resistance level at 103.956, which is in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension, and a further push down to our first support at 103.564, which is line with our 50% Fibonacci extension.
Trading Recommendation
Entry: 103.956
Reason for Entry:
100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance
Take Profit: 103.564
Reason for Take Profit:
50% Fibonacci extension and horizontal swing low support
Stop Loss: 104.161
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing high resistance
