FX.co ★ USDJPY bearish reversal | 28th Jan 2022

On the H4 chart, price is trading in an ascending channel and is near 1st support level of 115.058 which is also 23.6% Fibonacci retracement. Price can potentially go to the 1st resistance level of 116.362 which is also 100% Fibonacci projection and 127.2% Fibonacci retracement. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it. Alternatively , price can go to the 2nd support level of 114.698 which is also 38.2% Fibonacci retracement.

Trading Recommendation

Entry: 115.058

Reason for Entry: 23,6% Fibonacci retracement

Take Profit: : 116.362

Reason for Take Profit: 127.2% Fibonacci retracement and 100% Fibonacci projection

Stop Loss: 114.698

Reason for Stop Loss:

38.2% Fibonacci retracement