21.06.2021 – 25.06.2021
USDJPY approaching ascending trendline support, potential for bounce..
USDJPY holding above ascending trendline support. A short term intraday bounce above 76.4% Fibonacci retracement and 1st support at 110.071 towards recent graphical swing high and 1st resistance at 110.485 could be possible. Stochastic is reacting above support where price bounced in the past.
Reason for Entry:
76.4% Fibonacci retracement, ascending trendline support
Take Profit: 110.485
Reason for Take Profit:
61.8% Fibonacci retracement, Graphical swing high resistance
Stop Loss: 109.805
Reason for Stop Loss:
-27.2% Fibonacci retracement, Graphical swing low support
*The market analysis posted here by Instaforex Nigeria is meant to increase your awareness, but not to give instructions to make a trade.