FX.co ★ USDJPY Potential For Bullish Continuation | 12th 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 from our 1st support at 136.706 where the overlap support, 23.6% fibonacci retracement and 61.8% fibonacci projection are to our 1st resistance at 140.025 in line with the -61.8% fibonacci expansion. Alternatively, price could break 1st support and drop to 2nd support at 134.292 in line with the swing low support and 61.8% fibonacci retracement.

Trading Recommendation

Entry: 136.706

Reason for Entry:

Horizontal overlap support, 23.6% fibonacci retracement and 61.8% fibonacci projection

Take Profit: 140.025

Reason for Take Profit:-61.8% fibonacci expansion

Stop Loss: 134.292

Reason for Stop Loss:

Swing low support and 61.8% fibonacci retracement