FX.co ★ USDJPY Potential For Bearish Continuation | 16th June 2022

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 133.638 where the horizontal swing low support and 23.6% fibonacci retracement are to our 1st resistance at 136.314 in line with the 100% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 131.259 where the horizontal overlap support and 50% fibonacci retracement are.

Trading Recommendation

Entry: 133.638

Reason for Entry:

Horizontal swing low support and 23.6% fibonacci retracement

Take Profit: 136.314

Reason for Take Profit:

100% fibonacci projection

Stop Loss: 131.259

Reason for Stop Loss:

Horizontal overlap support and 50% fibonacci retracement