FX.co ★ USDJPY Potential For Bullish Continuation | 5th September 2022

On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price has pulled back slightly but if bullish momentum continues, it should test the first resistance at 140.802 broken and then the second resistance at 141.841 where the 127.2% extension sits. Alternatively, if price reverse, it might pull back to test the first support at 138.263 where the 23.6% retracement sits then the second support at 136.294 levels

Trading Recommendation

Entry: 138.263

Reason for Entry:

Pull back long entry, 23.6% retracement

Take Profit: 141.841

Reason for Take Profit:127.2% fibonacci extension

Stop Loss: 136.294

Reason for Stop Loss:

Previous swing low