FX.co ★ USDJPY Potential For Bearish Continuation | 17th August 2022

On the H4 chart, prices seem to have pulled back a little but the overall trend is still bearish biased. Price has broken the intermediate resistance at 133.908 which is the 50% Fibonacci retracement and is now testing the first resistance at 134.582 where the previous swing high. 61.8% fibonacci retracement and 100% projection sits.If the bearish momentum continues it will pull back to test the first support at 131.731

Trading Recommendation

Entry: 134.582

Reason for Entry:

Pull back sell entry and 100% projection

Take Profit: 131.731

Reason for Take Profit:Swing low support

Stop Loss: 135.559

Reason for Stop Loss:

Previous swing highs