USDJPY H4 | Potential reversal from 78.6%?
On the H4 chart, the current price is at our buy entry of 130.30, which coincides with an overlap support and 78.6% Fibonacci retracement level. If the price reverses from here, it could potentially move up to the take profit level at 133.44, which is also an overlap resistance level. To limit potential losses, we have set the stop loss at 128.12, a swing low support level.
However, it's important to note that there is a descending trendline that the price must break above in order to reach the take profit level.
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However, it's important to note that there is a descending trendline that the price must break above in order to reach the take profit level.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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