FX.co ★ USDJPY Potential For Bullish Continuation | 2nd Mar 2022

On the H4 timeframe, prices have recently bounced off a strong graphical overlap and also our 1st support. We see the potential for further bullish continuation from our 1st support at 115.707 in line with 78.6% Fibonacci retracement towards our 1st resistance at 115.171 which is an area of Fibonacci confluences. Our bullish bias is further supported by Ichimoku forecasting green clouds and RSI showing bullish momentum. Alternatively, breaking our ist support may find our prices dipping towards our 2nd support at 114.503 in line with 100% Fibonacci retracement

Trading Recommendation

Entry: 115.707

Reason for Entry:

78.6% Fibonacci retracement

Take Profit: 115.171

Reason for Take Profit:

Area of Fibonacci confluences

Stop Loss: 114.503

Reason for Stop Loss:

100% Fibonacci retracement