USDJPY facing massive bearish pressure, potential further drop!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is experiencing massive bearish pressure from our descending resistance line and we are seeing major resistance at 106.41 ( Fibonacci retracement , horizontal overlap resistance). A drop could occur from this level to push price further down to 105.29 support ( Fibonacci extension , horizontal swing low support).

RSI (34) sees a descending resistance line add to our overall bearish sentiment on USDJPY .

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This analysis is provided as general market commentary and does not constitute investment advice.
Eventually trade will go short.
@Berdox, True.
+2 Reply
If you see some sellers aggression on the 1 resistance you are safe to sell USD/JPY. Be careful NFP is going to kick in and I'm speculating from the experience I have NFP will spike upwards for 45 minutes to 1 hour.
+2 Reply
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