FX.co ★ USDJPY Potential For Bullish Continuation | 8th July 2022

On the H4, with price moving along an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 136.706 in line with the swing high resistance and 100% fibonacci projection. Once there is upside confirmation of price breaking 1st resistance, we would expect bullish momentum to carry price to 2nd resistance at 141.325 in line with 61.8% fibonacci projection and 100% fibonacci projection. Alternatively, price could drop to 1st support at 134.292 in line with the swing low support, 100% fibonacci projection and 23.6% fibonacci retracement.

Trading Recommendation

Entry: 136.706

Reason for Entry:

Horizontal swing high resistance and 100% fibonacci projection

Take Profit: 141.325

Reason for Take Profit:61.8% fibonacci projection and 100% fibonacci projectionStop Loss: 134.292

Reason for Stop Loss:

Swing low support, 100% fibonacci projection and 23.6% fibonacci retracement