FX.co ★ USDJPY Potential Bullish Continuation | 25th Feb 2022

Price is trading in an ascending channel and near pivot level of 115.715 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Price can potentially dip to the 1st support level of 114.506 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is supported by the ichimoku cloud indicator. Alternatively, price can potentially go to the 1st resistance level of 116.210 in line with 78.6% Fibonacci projection.

Trading Recommendation

Entry: 115.715

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

Take Profit: : 114.204

Reason for Take Profit: Swing low 61.8% Fibonacci retracement and 127.2% Fibonacci projection

Stop Loss: 115.731

Reason for Stop Loss:

78.6% Fibonacci projection