empty
09.02.2022 06:49 AM
USDJPY Potential Bearish Drop | 9th Feb 2022
Open trading account Open demo account

This image is no longer relevant

Price is trading in an ascending channel signifying an overall bullish momentum, however, we can expect a short-term bearish drop from 1st Resistance level in line with horizontal resistance and 78.6% Fibonacci projection towards 1st Support in line with previous swing low and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Trading Recommendation

Entry:115.598

Reason for Entry:Horizontal resistance and 78.6% Fibonacci projection

Take Profit: : 114.025

Reason for Take Profit:Previous swing low and 100% Fibonacci projection

Stop Loss: 116.150

Reason for Stop Loss:

100% Fibonacci projection

Dean Leo,
Analytical expert of InstaTrade
© 2007-2025

Recommended Stories

Gold: new bullish formation

The price of gold retreated a little in the short term but the bias remains bullish. You already know from yesterday's analysis that XAU/USD could test and retest the immediate
Ralph Shedler 08:16 2023-10-31 UTC+2

USD/CAD challenging uptrend line

The USD/CAD pair jumped higher in the short term, reaching a new high of 1.3536. Now, it has turned to the downside and is located at 1.3481 at the time
Ralph Shedler 17:50 2023-09-28 UTC+2

CHF/JPY continuation or reversal?

The CHF/JPY pair moves sideways in the short term. It's trapped between 166.54 and 164.45 levels. It's trading at 164.73 at the time of writing
Ralph Shedler 18:42 2023-08-31 UTC+2

GBP/USD trapped between 1.2792 and 1.2625 levels

The GBP/USD pair is located at 1.2716 at the time of writing. As you can see on the H1 chart, the price is moving sideways between 1.2792 (upside obstacle)
Ralph Shedler 19:08 2023-08-23 UTC+2

EUR/USD: rebound seems over

The EUR/USD pair is moving sideways on lower time frames and it seems undecided. It's trading at 1.1013 at the time of writing and it looks poised to come back
Ralph Shedler 18:40 2023-07-31 UTC+2

AUD/JPY: deeper drop still in cards

The AUD/JPY pair is trading at 95.86 at the time of writing. As you can see on the H1 chart, the price could drop deeper as long as it stays
Ralph Shedler 23:13 2023-06-29 UTC+2

XAUUSD , H4 | Falling to support?

The XAU/USD (Gold/US Dollar) chart shows a bullish momentum, suggesting an upward trend. The price has the potential to continue rising towards the first resistance level. There are two support
Dean Leo 08:02 2023-06-07 UTC+2

EUR/USD , Daily | Rising into resistance?

The EUR/USD chart currently shows a weak bullishish momentum. There is a possibility for the price to continue its bullish movement, targeting the first resistance level.The first resistance at 1.08069
Dean Leo 10:04 2023-06-06 UTC+2

GBPUSD , Daily | Falling tp Support??

The GBP/USD chart currently shows a bearish momentum, indicating a downward trend. There is a possibility for the price to continue its bearish movement, targeting the first support level
Dean Leo 07:25 2023-06-05 UTC+2

EUR/USD , H4 | Falling to 1st support?

The EUR/USD chart shows a bearish momentum as the price remains below a major descending trend line and the bearish Ichimoku cloud. This indicates a presence of bearish pressure
Dean Leo 07:28 2023-06-01 UTC+2
Can't speak right now?
Ask your question in the chat.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.

We are sorry for any inconvenience caused by this message.