FX.co ★ USDJPY Potential For Bullish Continuation | 8th September 2022

On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price has tested the first resistance and pulled back slightly. If bullish momentum continues, it should bring price to 144.906 where the 161.8% extension sits. Alternatively, if price reverses, it might pull back to test the first support at 141.652 where the 23.6% retracement sits then the second support at 139.349 where the 38.2% retracement and overlapping support sits

Trading Recommendation

Entry: 141.652

Reason for Entry:

23.6% retracement

Take Profit: 144.906

Reason for Take Profit:

161.8% fibonacci extension

Stop Loss: 139.349

Reason for Stop Loss:

Previous swing high 38.2% retracement