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17.08.2022 09:17 AM
USDJPY Potential For Bearish Continuation | 17th August 2022

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On the H4 chart, prices seem to have pulled back a little but the overall trend is still bearish biased. Price has broken the intermediate resistance at 133.908 which is the 50% Fibonacci retracement and is now testing the first resistance at 134.582 where the previous swing high. 61.8% fibonacci retracement and 100% projection sits.If the bearish momentum continues it will pull back to test the first support at 131.731

Trading Recommendation

Entry: 134.582

Reason for Entry:

Pull back sell entry and 100% projection

Take Profit: 131.731

Reason for Take Profit:Swing low support

Stop Loss: 135.559

Reason for Stop Loss:

Previous swing highs

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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