FX.co ★ USDJPY Potential For Bullish Continuation | 14th 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 drop and rise from our 1st support at 137.771 where the pullback support is to the 1st resistance at 139.536 in line with 100% fibonacci projection and -61.8% fibonacci expansion. Alternatively, price could break 1st support and drop to 2nd support at 136.706 where the overlap support, 38.2% fibonacci retracement and 100% fibonacci projection are.

Trading Recommendation

Entry: 137.771

Reason for Entry:

Horizontal pullback support

Take Profit: 139.536

Reason for Take Profit:100% fibonacci projection and -61.8% fibonacci expansionStop Loss: 136.706

Reason for Stop Loss:

Overlap support, 38.2% fibonacci retracement and 100% fibonacci projection