11.06.202108:55 Forex Analysis & Reviews: USDJPY reacting above ascending trendline support! Bounce incoming!

Exchange Rates 11.06.2021 analysis

USDJPY tested and reacted above ascending trendline support. A short term bounce above our 1st support at 109.318 towards 1st resistance at 109.649 could be possible. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 109.318

Reason for Entry:

78.6% Fibonacci retracement, ascending trendline support

Take Profit: 109.649

Reason for Take Profit:

76.4% Fibonacci retracement

Stop Loss: 109.191

Reason for Stop Loss:

Graphical swing low support

*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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