FX.co ★ USDJPY Potential For Bearish Continuation | 12th August 2022

On the H4, prices are still respecting the descending trend and are testing the 50% fibonacci retracement. If prices continues with the bearish momentum, we are looking at price pulling back to test at the first support 131.434 where the fibonacci projection as well as the previous swing low sits. If prices goes into a bullish momentum, we are expecting prices to test at the first resistance 135.586 where the 61.8% fibonacci retracement sits.

Trading Recommendation

Entry: 135.586

Reason for Entry:

Pullback resistance

Take Profit: 131.434

Reason for Take Profit:Swing low support 61.8% fibonacci projection

Stop Loss: 137.424

Reason for Stop Loss:

Pullback resistance