USDJPY is facing bearish pressure from our descending trendline resistance and Ichimoku cloud, in line with our bearish bias. We could see a reversal below our 1st resistance level at 103.956, which is in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension, and a further push down to our first support at 103.564, which is line with our 50% Fibonacci extension.

Trading Recommendation

Entry: 103.956

Reason for Entry:

100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance

Take Profit: 103.564

Reason for Take Profit:

50% Fibonacci extension and horizontal swing low support

Stop Loss: 104.161

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance