FX.co ★ USDJPY Potential for Bullish Rise | 12th May 2022

On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 129.028 where the 50% Fibonacci retracement and horizontal swing low support is to our 1st resistance at 131.240 in line with the horizontal swing high support. Alternatively, price may break 1st support structure and head for 2nd support at 127.240 in line with the horizontal swing low support.

Trading Recommendation

Entry: 129.028

Reason for Entry:

50% Fibonacci retracement and horizontal swing low support

Take Profit:131.240

Reason for Take Profit:Horizontal swing high support

Stop Loss: 127.240

Reason for Stop Loss:

Horizontal swing low support