FX.co ★ USDJPY Potential For Bullish Continuation | 15th 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 139.381 where the swing high resistance is. Once there is upside confirmation of price breaking 1st resistance, we would expect bullish momentum to carry price to 2nd resistance at 141.529 in line with 78.6% fibonacci projection. Alternatively, price could drop to 1st support at 137.771 where the pullback support, 61.8% fibonacci retracement and 100% fibonacci projection are.

Trading Recommendation

Entry: 139.381

Reason for Entry:

swing high resistance

Take Profit: 141.529

Reason for Take Profit:78.6% fibonacci projection

Stop Loss: 137.771

Reason for Stop Loss:

Pullback support, 61.8% fibonacci retracement and 100% fibonacci projection