Get started
TradeGATEHub

USDJPY approaching 1st resistance, potential for a reversal

Short
U.S. Dollar / Japanese Yen (FOREXCOM:USDJPY)  
TradeGATEHub  
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort
0
0
trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort
Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 127.2% Fibonacci extension and horizontal pullback support. RSI is also testing the descending trendline resistance, showing signs of bearish pressure as well.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.