FX.co ★ USDJPY Potential Bullish Bounce | 14th Jan 2022

On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to bounce from 1st Support in line with daily support, 78.6% Fibonacci retracement and 100% Fibonacci projection towards 1st Resistance in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level.

Trading Recommendation

Entry: 113.484

Reason for Entry:

Daily support, 78.6% Fibonacci retracement and 100% FIbonacci projection

Take Profit: : 115.508

Reason for Take Profit:100% Fibonacci projection and 61.8% Fibonacci retracement

Stop Loss: 112.598

Reason for Stop Loss:

127.2% Fibonacci projection