FX.co ★ USDJPY Potential For Bullish Continuation | 6th 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 and then the second resistance at 141.841 where the 127.2% extension sits. Alternatively, if price reverses, it might pull back to test the first support at 139.404 where the previous swing high sits then the second support at 138.217 where the 23.6% retracement sits.

Trading Recommendation

Entry: 140.802

Reason for Entry:

Breakout bullish confirmation

Take Profit: 141.841

Reason for Take Profit:127.2% fibonacci extension

Stop Loss: 139.404

Reason for Stop Loss:

Previous swing high