USDJPY is facing bearish pressure as it holds below the descending trendline and moving average resistances. We could see a drop below Pivot, in line with descending trendline resistance and 50% Fibonacci retracement, towards 1st Support, in line with 78.6% Fibonacci extension, -61.8% FIbonacci retracement and horizontal swing low support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.