FX.co ★ USDJPY Potential For Bullish Continuation | 8th Mar 2022

On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish momentum from our 1st support at 115.483 in line with 78.6% Fibonacci retracement towards our 1st resistance at 115.805 which is an area of fibonacci confluences. Our bullish bias is further supported by prices trading above our Ichimoku cloud support and also MacD being on bullish momentum. Alternatively prices may dip to our 2nd support at 115.243 in line with 23.6% Fibonacci retracement.

Trading Recommendation

Entry: 115.483

Reason for Entry:

78.6% Fibonacci retracement

Take Profit: 115.805

Reason for Take Profit:

Area of fibonacci confluences

Stop Loss: 115.243

Reason for Stop Loss:

23.6% Fibonacci retracement