FX.co ★ EURJPY, Potential For Bullish Continuation | 15th June 2022

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the 1st support at 139.648 in line with the 38.2% fibonacci retracement to the 1st resistance at 142.692 in line with the 61.8% fibonacci projection. Alternatively, price may drop from the 1st support to the 2nd support at 138.227 at the swing low.

Trading Recommendation Entry: 139.648

Reason for Entry:

38.2% fibonacci retracement

Take Profit: 142.692

Reason for Take Profit:

61.8% fibonacci projection

Stop Loss: 138.227

Reason for Stop Loss:

Horizontal swing low