FX.co ★ USDJPY Potential For Bearish Dip | 28th Feb 2022

On the H4 timeframe, prices are consolidating in a daily triangle. We see the potential for further bearish continuation from our 1st resistance at 115.685 in line with 61.8% Fibonacci retracement towards our 1st support at 114.406 in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by ichimoku forecasting red clouds and RSI showing bearish momentum. Alternatively, breaking our 1st resistance structure might find prices climbing higher towards our 2nd resistance at 116.174 in line with 100% Fibonacci retracement.

Trading Recommendation

Entry: 115.685

Reason for Entry:

61.8% Fibonacci retracement

Take Profit: 114.406

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 116.174

Reason for Stop Loss:

100% Fibonacci retracement