FX.co ★ USDJPY Potential for bullish rise to overlap resistance

Description :

Looking at the H4 chart, my overall bias for USDJPY is bullish with the current price being above the Ichimoku cloud ,

Looking for a buy stop entry at 135.228, to ride the bullish momentum. Stop loss will be at the overlap support at 134.452 which is my buy entry. It's worthy to note that there is an intermediate resistance at 135.962, where price might struggle to break through. Take profit will be at 137.657, where the previous swing high was.

Trading Recommendation

Entry: 135.228

Reason for Entry: Buy stop to ride the bullish momentum

Take Profit: 137.657

Reason for Take Profit:

Previous swing high

Stop Loss: 134.452

Reason for Stop Loss:

overlap support