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

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 approaching our buy entry level, which is in line with our 78.6% Fibonacci retracement. We could potentially see a reversal and a further drop towards our take profit levels, which is in line with our 50% Fibonacci retracement and horizontal swing low support levels as well. It is worth noting that the Stochastic indicator is also holding below the descending trendline resistance in line with our analysis.