FX.co ★ USDJPY Potential For Bullish Continuation | 27th June 2022

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 135.649 where the pullback resistance is. Once there is upside confirmation, we would expect bullish momentum to carry price to our 2nd resistance at 140.818 where the 100% fibonacci projection and 61.8% fibonacci projection are . Take note of the intermediate resistance level at 136.785 where the swing high resistance is. Alternatively, price may drop to 1st support at 131.540 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement. Take note of the intermediate support at 134.225 in line with 50% fibonacci retracement and 61.8% fibonacci projection.

Trading Recommendation

Entry: 135.649

Reason for Entry:

pullback resistance

Take Profit: 140.818

Reason for Take Profit:100% fibonacci projection and 61.8% fibonacci projection

Stop Loss: 131.540Reason for Stop Loss:

Horizontal swing low support, 100% fibonacci projection and 50% fibonacci retracement