empty
 
 
27.05.2022 10:12 AM
USDJPY Potential For Bearish Continuation | 27th May 2022

This image is no longer relevant

On the H4, with prices moving below the ichimoku indicator and passing the basis line of the bollinger band in a downtrend, we have a bearish bias that price will drop from our 1st resistance at 127.164 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 126.653 in line with the swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.070 where the horizontal overlap resistance, 61.8% fibonacci projection and 50% Fibonacci retracement are.

Trading Recommendation

Entry: 127.164

Reason for Entry:

Horizontal overlap resistance and 23.6% fibonacci retracement

Take Profit:126.653

Reason for Take Profit:Horizontal swing low support

Stop Loss: 128.070

Reason for Stop Loss:

Horizontal overlap resistance, 61.8% fibonacci projection and 50% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback