FX.co ★ USDJPY Bullish Continuation | 21st Mar 2022

On the H4 timeframe, prices have approached pivot and swing high. We see the potential for a short pullback from our 1st resistance at 119.246 in line with 61.8% Fibonacci projection towards our 1st support at 118.366 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci Projection. Divergence is spotted on RSI, further supporting our bearish bias. Alternatively, our stop loss will be placed at 119.480 in line with 78.6% Fibonacci Projection.

Trading Recommendation

Entry: 119.246

Reason for Entry:

61.8% Fibonacci projection

Take Profit: 118.366

Reason for Take Profit:

61.8% Fibonacci retracement and 127.2% Fibonacci Projection.

Stop Loss: 119.480

Reason for Stop Loss:

78.6% Fibonacci Projection.