FX.co ★ USDJPY Potential For Bullish Continuation | 18th May 2022

On the H4, with the MACD moving in a bullish momentum, we have a bullish bias that price will rise from our 1st support at 128.996 where the 38.2% Fibonacci retracement and horizontal overlap support is to our 1st resistance at 129.603 in line with the horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 128.070 where the horizontal swing low support is.

Trading Recommendation

Entry: 128.996

Reason for Entry:

38.2% Fibonacci retracement and Horizontal overlap support

Take Profit:129.603

Reason for Take Profit:Horizontal swing high resistanceStop Loss: 128.070

Reason for Stop Loss:

Horizontal swing low support