USDJPY holding below descending trendline resistance! Further drop incoming!

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USDJPY holding below descending trendline resistance! Further drop incoming!

USDJPY holding below descending trendline resistance! Further drop incoming!

USDJPY holding below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance. A short term intraday pullback below 1st resistance at 105.549 towards 1st support at 105.241 can be possible. Price is also holding below moving average resistance as well.

Trading Recommendation

Entry: 105.549

Reason for Entry:

50% Fibonacci retracement, descending trendline resistance

Take Profit: 105.241

Reason for Take Profit:

-61.8% Fibonacci retracement, Recent graphical swing low

Stop Loss: 105.659

Reason for Stop Loss:

Recent swing high

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/208517/