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Forex Analysis & Reviews: USDJPY potential bullish momentum | 5th Nov 2021
time 05.11.2021 07:35 AM
time Relevance up to, 06.11.2021 07:35 AM

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Price is currently reacting in a triangle and a bullish pennant pattern. We can expect price to bounce from 1st support in line with 88% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st Resistance level in line with 61.8% Fibonacci projection. Our short-term bullish bias is further supported by RSI approaching the support level.

Trading Recommendation

Entry: 113.551

Reason for Entry:

88% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: 114.024

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 113.412

Reason for Stop Loss:

100% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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