FX.co ★ USDJPY Potential For Bearish Reversal | 25th April 2022

On the H4 timeframe, price is abiding by the ascending trendline. We see the potential of a bearish reversal from 1st resistance level of 129.261 in line with 61.8% fibonacci retracement and 100% fibonacci projection towards the 1st support level of 127.779 which is in line with 23.6% fibonacci retracement and 61.8% fibonacci projection. Otherwise, price might break the key resistance level and trigger for a rise towards the 2nd resistance level of 130.003 in line with 127.2% fibonacci extension.

Trading Recommendation

Entry: 129.261

Reason for Entry: 61.8% fibonacci retracement and 100% fibonacci projection

Take Profit: 127.779

Reason for Take Profit: 23.6% fibonacci retracement and 61.8% fibonacci projection.

Stop Loss: 130.003

Reason for Stop Loss:

127.2% fibonacci extension.