FX.co ★ USDJPY Bullish Continuation | 18th Mar 2022

On the H4 timeframe, prices are on bullish momentum. We see the potential for a further bullish continuation from our 1st support at 118.398 in line with 50% Fibonacci retracement towards our 1st resistance at 119.238 in line with 61.8% Fibonacci expansion. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias. Alternatively, prices may dip to our 2nd support at 118.169 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 118.398

Reason for Entry:

50% Fibonacci retracementTake Profit: 119.238

Reason for Take Profit:

61.8% Fibonacci expansion

Stop Loss: 118.169

Reason for Stop Loss:

61.8% Fibonacci retracement