USDJPY failed to breakout from descending trendline resistance. We may potentially see a drop to our 1st supportat 109.750, in-line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support. Otherwise, price could potentially swing towards 1st resistance at 110.440, in-line with our 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance.
Trading Recommendation
Entry: 110.145
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance
Take Profit: 109.750
Reason for Take Profit:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and ascending trendline support
Stop Loss: 110.440
Reason for Stop Loss:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal overlap resistance
