FX.co ★ USDJPY Bearish Reversal | 31st 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.

Trading Recommendation

Entry: 115.076

Reason for Entry: 23.6% Fibonacci retracement

Take Profit: : 116.362

Reason for Take Profit: 100% Fibonacci projection, horizontal swing high

Stop Loss: 114.698

Reason for Stop Loss:

50% Fibonacci retracement