FX.co ★ USDJPY Potential For Bearish Continuation | 19th May 2022

On the H4, with prices moving below the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 128.992 where the 61.8% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 128.188 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 129.604 where the horizontal swing high resistance and 78.6% Fibonacci projection is.

Trading Recommendation Entry: 128.992Reason for Entry:61.8% Fibonacci retracement and Horizontal overlap resistanceTake Profit: 128.188

Reason for Take Profit:Horizontal swing low support

Stop Loss: 129.604Reason for Stop Loss:

Horizontal swing high resistance and 78.6% Fibonacci projection