FX.co ★ USDJPY Potential For Bearish Pullback | 4th Mar 2022

On the H4 timeframe, prices are forming a potential double top. We see the potential for further bearish momentum from our 1st resistance at 115.466 in line with 38.2% Fibonacci retracement towards our 1st support at 115.154 which is in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Our bearish bias is RSI being at levels where dips occurred previously. Alternatively, prices may climb higher towards our 2nd resistance at 115.564 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 115.466

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 115.154

Reason for Take Profit:

61.8% Fibonacci retracement and 61.8% Fibonacci extension.

Stop Loss: 115.564

Reason for Stop Loss:

61.8% Fibonacci retracement