USDJPY facing bearish | 28th July 2021
Price is approaching the horizontal swing low at the 109.559 level which is in line with the 61.8% Fibonacci retracement level and the 100% Fibonacci extension level. Should price drop below this level, we can expect price to take support at the horizontal swing low at 109.059 which is in line with the horizontal swing low and the 1.618% Fibonacci extension line. In addition to that, our bearish bias is further confirmed by how MACD is holding below the 0 line.
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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 interests 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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