USDJPY is facing bullish pressure as it took support from the key support level, in line with 23.6% Fibonacci retracement and horizontal overlap support. Prices are likely to increase to 1st resistance at 127% Fibonacci retracement and 78% fib extension.
Trading Recommendation
Entry: 105.72
Reason for Entry: 23.6% Fibonacci retracement and horizontal overlap support
Take Profit: 106.17
Reason for Take Profit: horizontal swing high
Stop Loss: 105.29
Reason for Stop Loss: horizontal swing low, 50% Fibonacci retracement
