FX.co ★ USDJPY Potential Bullish Momentum | 22nd Feb 2022

Price is trading in a daily ascending channel. Price is near the 1st support level of 114.648 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially go to the 1st resistance level of 116.297 in line with 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near support level. Alternatively price can dip to 2nd support level of 114.198 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci projection.Trading Recommendation

Entry: 115.648

Reason for Entry: 61.8% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap support

Take Profit: : 116.297

Reason for Take Profit:Previous swing high and 61.8% Fibonacci projection

Stop Loss: 114.198

Reason for Stop Loss:

127% Fibonacci projection and 78.6% Fibonacci retracement