FX.co ★ USDJPY Potential Bullish Continuation | 23rd Feb 2022

Price is trading in an ascending channel and near 1st resistance level of 115.237 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially go to 2nd resistance level of 115.756 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bullish bias is supported by RSI indicator.

Trading Recommendation

Entry: 115.237

Reason for Entry: 38.2% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap resistance

Take Profit: : 115.756

Reason for Take Profit:Previous swing high and 61.8% Fibonacci retracement, 127.2% Fibonacci projection

Stop Loss: 114.198

Reason for Stop Loss:

50% Fibonacci retracement, graphical swing low