FX.co ★ USDJPY Potential for Bullish Rise towards previous swing high

Description :

Looking at the H4 chart, my overall bias for USDJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 132.770, where the overlap support and 38.2% Fibonacci line is. Take profit will be at 134.772, where the previous swing high is. Stop loss will be at 131.525, where the previous overlap support is.

Trading Recommendation

Entry: 132.770

Reason for Entry: overlap support and 38.2% Fibonacci line

Take Profit: 134.772

Reason for Take Profit:

Previous swing high

Stop Loss: 131.525

Reason for Stop Loss:

previous overlap support