1. Exness News
  2. Market Analysis
  3. USDJPY Approaching Resistance, Prepare to Sell
Market Analysis

USDJPY Approaching Resistance, Prepare to Sell

June 01, 2018
BY Emma Richards

USDJPY is seeing some really strong resistance, good opportunity to get into a short trade.

Sell below 106.47. Stop loss at 107.34. Take profit at 104.77.

Reason for the trading strategy (technically):

Price is seeing strong resistance at 106.47 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, descending resistance) and a strong reaction could occur at this price to push it down to 104.77 support (Fibonacci extension). We do have to watch out for intermediate support at 105.24 (horizontal swing low support) which needs to be broken to open a further drop. RSI (89) sees descending resistance hold price down really well with its bearish momentum. 


forex market analysis

Put your trading knowledge into action. Create a trading account now.

About the analyst

Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.

Disclaimer: The publication of Analytics is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. The Analytics is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the Analytics. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its Analytics.


alternate text for image
Confident in your trading skills? Open an account and start trading with Exness