USDJPY is approaching horizontal swing high resistance in line with 38.2% Fibonacci retracement and 50% Fibonacci extension . Prices might reverse and push down towards horizontal pullback support in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension . If prices push up, prices might face resistance from horizontal pullback resistance in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also above prices, showing a bullish pressure for prices..
Trading Recommendation
Entry: 111.218
Reason for Entry:
Horizontal overlap resistance, 50% Fibonacci extension, 38.2% Fibonacci retracement
Take Profit: 110.695
Reason for Take Profit:
Horizontal pullback support, 127.2% Fibonacci extension, 78.6% Fibonacci retracement
Stop Loss: 111.495
Reason for Stop Loss:
Horizontal pullback resistance, 78.6% Fibonacci retracement, 78.6% Fibonacci extension
