FX.co ★ USDJPY Potential For Bullish Continuation | 1 September 2022

On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price is testing the first resistance at 139.373 where the previous swing high sits. If bullish momentum continues, it should bring price toward the second resistance at 140.596 where the 78.6% projection sits. Alternatively, if price reverse, it might pull back to test the first support at 136.455 where the 38.2% fibonacci retracement sits then subsequently the second support at 135.560 where the 50% retracement sits

Trading Recommendation

Entry: 138.421

Reason for Entry:

Pull back short entry, 61.8% projection

Take Profit: 140.596

Reason for Take Profit:78.6% projection

Stop Loss: 136.455

Reason for Stop Loss:

38.2% retracement