FX.co ★ Daily Video Analysis: USDJPY facing bearish pressure, potential for further drop!

Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistances. We could potentially see a revervsal at our sell entry level, in line with our 50% Fibonacci retracement, and a further push down towards our partial take profit level, in line with our horizontal swing low support, and our final take profit level, in line with our 61.8% Fibonacci retracement level.