FX.co ★ USDJPY Potential For Bullish Continuation | 21th July 2022

On the H4, with price moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 139.377 where the 61.8% fibonacci projection and swing high resistance are from our 1st support at 137.785 in line with pullback support. Alternatively, prices could break 1st support structure and drop to 2nd support at 136.661 where the overlap support and 38.2% fibonacci retracement are.

Trading Recommendation

Entry: 137.785

Reason for Entry:

Pullback support

Take Profit: 139.377

Reason for Take Profit:61.8% fibonacci projection and swing high resistance

Stop Loss: 136.661

Reason for Stop Loss:

Overlap support and 38.2% fibonacci retracement