FX.co ★ USDJPY Potential For Bullish Continuation | 4th August 2022

On the H4, price is bearish biased and moving strongly in an ascending trendline. It is still respecting the Ichimoku indicator, and has confirmed a strong downside momentum. It is now going to test at the first support at 132.274 which the previous swing low sits at. If prices were to break first support it will go to the second support at 131.527. Alternatively, price could bounce back up to test at the first resistance, 50% retracement at 134.233

Trading Recommendation

Entry: 137.53

Reason for Entry:

Pullback

Take Profit: 134.233

Reason for Take Profit:50% Fibonacci retracement

Stop Loss: 131.527

Reason for Stop Loss:

Swing low intermediate support level