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13.01.202112:21 Forex Analysis & Reviews: USDJPY is facing bullish pressure from pivot, potential for more upside!

Exchange Rates 13.01.2021 analysis

After a nice breakout from bearish trendline ,price is retesting the trendline before a further bounce. A rise from our pivot at 103.496 towards 1st resistance at 104.085 could be possible. Failing to edge above the pivot would see price swing towards 1st support where horizontal swing low is.

Trading Recommendation

Entry: 103.496

Reason for Entry:

50% Fibonacci retracement, 61.8% Fibonacci extension, trendline support

Take Profit:104.085

61.8% Fibonacci retracement

Stop Loss: 102.995

Reason for Stop Loss:

Horizontal swing low, 76.4% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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