21.01.202112:49 Ανάλυση και κριτικές Forex: USDJPY is testing resistance, potential reversal!

Exchange Rates 21.01.2021 analysis

Price is testing resistance in line with our 23.6% fibonacci retracement and horizontal pullback resistance where we could see a reversal below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 103.637

Reason for Entry:

23.6% fibonacci retracement and horizontal pullback resistance

Take Profit: 103.003

Reason for Take Profit:

horizontal swing low support, 100% fibonacci extension and 78.6% fibonacci retracement

Stop Loss: 103.862

Reason for Stop Loss:

61.8% fibonacci retracement, horizontal overlap resistance

*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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