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17.08.2020 11:21 AM
USDJPY testing support, potential bounce!

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Price is facing bullish pressure from our first support in line with our ascending trend line, horizontal pullback support, 61.8% fibonacci retracement where we could see a bounce above this level to our first resistance level. Stochastic is approaching our support as well.

Trading Recommendation

Entry: 106.361

Reason for Entry:

Ascending trend line, horizontal pullback support, 61.8% fibonacci retracement

Take Profit: 107.076

Reason for Take Profit:

Horizontal swing high resistance, 78.6% fibonacci extension

Stop Loss: 105.875

Reason for Stop Loss:

horizontal swing low support, 100% fibonacci extension

Dean Leo,
Analytical expert of InstaForex
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