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22.01.202110:21 Forex Analysis & Reviews: USDJPY is testing resistance, potential reversal

Exchange Rates 22.01.2021 analysis

Price is facing bearish pressure from our first resistance level, in line with our descending trend line, in line with our horizontal pullback resistance, 38.2% fibonacci retracement where we could see a reversal below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 103.637

Reason for Entry:

horizontal pullback resistance, 38.2% fibonacci retracement

Take Profit: 103.003

Reason for Take Profit:

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

Stop Loss: 103.836

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal overlap resistance

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Dean Leo,
Analitickog eksperta
InstaForex grupa kompanija © 2007-2021
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