27.01.202111:30 Forex Analysis & Reviews: USDJPY testing descending trendline resistance! Drop incoming!

Exchange Rates 27.01.2021 analysis

Price testing and holding below descending trendline resistance and key fibonacci retracement level. A short term drop below 1st resistance at 103.721 towards 1st support at 103.590 could be expected.

Trading Recommendation

Entry: 103.721

Reason for Entry:

61.8% Fibonacci retracement,descending trendline resistance and moving average resistance

Take Profit: 103.590

Reason for Take Profit:

Graphical swing low support

Stop Loss: 103.477

Reason for Stop Loss:

Horizontal swing high 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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