FX.co ★ USDJPY bearish continuation | 2nd Dec 2021

On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. We can now expect the price to drop from 1st Resistance in line with 78.6% Fibonacci projection towards 1st Support in line with 61.8% FIbonacci projection and horizontal support. Our bearish bias is further supported by the ichimoku cloud indicator where price is holding below it .

Trading Recommendation

Entry:113.463

Reason for Entry:

78.6% Fibonacci projection

Take Profit: 112.740

Reason for Take Profit:

61.8% Fibonacci projection and horizontal support

Stop Loss: 113.769

Reason for Stop Loss:

100% Fibonacci projection