FX.co ★ USDJPY Potential Bullish Bounce | 20th 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 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with 61.8% 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: 113.921

Reason for Entry: 78.6% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: : 115.508

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

Stop Loss: 113.297

Reason for Stop Loss:

100% Fibonacci projection