PriVic

USDJPY Price Action Fibonacci, support and resistance

FX:USDJPY   U.S. Dollar / Japanese Yen
This is a great example of how resistance, support and Fibonacci levels work.

USDJPY             pair was moving down in a trend tunnel, bouncing of the diagonal support and resistance lines, since the beginning of this week.
There was a loads of opportunities to make some pips there. How would that trades look like ?

Example:
If you were following this trend since 7th Nov
You could have waited for the resistance to defend itself, then place SELL trade, where SL is 10 pips above the resistance
and TP 5-10 pip before the support line.

On Friday it just bounced of Fibonacci 0.5, twice which suggest down movement until 113.00
Looking backwards, on 9th             around 15:00 , USDJPY             bounced of 0.618 Fibonacci, which makes that levels more reliable.

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