FX.co ★ USDJPY Potential For Bullish Bounce | 1st Mar 2022

On the H4 timeframe, prices have recently bounced off a strong graphical overlap and also 1st support. We see the potential for further bullish continuation from our 1st support at 115.143 in line with 50% Fibonacci retracement towards our 1st resistance at 115.544 which is a recent swing high. Our bullish bias is further supported by ichimoku forecasting green clouds and RSI showing bullish momentum. Alternatively, prices may dip towards our 2nd support at 114.960 in line with 61.8% Fibonacci extension.

Trading Recommendation

Entry: 115.143

Reason for Entry:

50% Fibonacci retracement

Take Profit: 115.544

Reason for Take Profit:

Recent swing highStop Loss: 114.960

Reason for Stop Loss:

61.8% Fibonacci extension