FX.co ★ USDJPY Potential Bullish Continuation | 24th Feb 2022

Price is trading in an ascending channel and near 1st resistance level of 115.241 in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement. Price can potentially dip to the 1st support level of 114.204 in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator. Alternatively price go to the 2nd resistance level of 115.731 in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement

Trading Recommendation

Entry: 115.241

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

Take Profit: : 114.204

Reason for Take Profit: Swing low 127.2% Fibonacci retracement and 78.6% Fibonacci projection

Stop Loss: 115.731

Reason for Stop Loss:

61.8% Fibonacci retracement and 127.2% Fibonacci projection