Bearish reversal?USD/JPY is reacting off the resistance level which is a pullback resistance that lines up with the 78.6% Fibonacci projection and slightly below the 127.2% Fibonacci extension.
Entry: 148.99
Why we like it:
There is a pullback resistance that lines up with the 78.6% Fibonacci projection and also slightly below the 127.2% Fibonacci extension.
Stop loss: 151.20
Why we like it:
There is an overlap resistance that aligns with the 161.8% Fibonacci extension.
Take profit: 147.08
Why we like it:
There is an overlap support level.
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