USDJPY Potential For Short Pullback | 14th Mar 2022

On the H4 timeframe, prices are at a strong weekly resistance. We see the potential for a dip from our 1st resistance at 117.517 in line with 161.8% Fibonacci projection towards our 1st support at 116.908 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci retracement. RSI is at levels where dips previously occurred, further supporting our bias of a pullback. Alternatively, prices may climb towards our 2nd resistance at 118.298 in line with 200% Fibonacci Projection.

Trading Recommendation

Entry: 117.517

Reason for Entry:

161.8% Fibonacci projection

Take Profit: 116.908

Reason for Take Profit:

23.6% Fibonacci retracement and 61.8% Fibonacci retracement

Stop Loss: 118.298

Reason for Stop Loss:

200% Fibonacci Projection