FX.co ★ USDJPY Bullish Bounce | 3rd Feb 2022

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

Trading Recommendation

Entry: 114.025

Reason for Entry: 78.6% Fibonacci retracement and 100% Fibonacci projection

Take Profit: : 115.598

Reason for Take Profit: 78.6% FIbonacci projection and previous swing high

Stop Loss: 113.512

Reason for Stop Loss:

Horizontal support