FX.co ★ USDJPY Potential for Bullish Rise to 23.6% Fibonacci Line

Description :

Looking at the H4 chart, my overall bias for USDJPY is bullish as the current price is acrossing the Ichimoku Cloud. Looking for a pullback buy entry at 132.131 where the overlap support is. We are looking to take profit at 139.836 where the 38.2% Fibonacci line is, Stop loss will be placed at 126.363, where the recent swing low is.

Trading Recommendation

Entry: 132.131

Reason for Entry:Overlap support

Take Profit: 139.836

Reason for Take Profit:

38.2% Fibonacci line

Stop Loss: 126.363

Reason for Stop Loss:

the recent swing low