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FX.co ★ USDJPY Potential For Bullish Continuation | 3rd August 2022

USDJPY Potential For Bullish Continuation | 3rd August 2022

USDJPY Potential For Bullish Continuation | 3rd August 2022

On the H4, price is bearish biased and moving strongly in an ascending trendline. It is still respecting the Ichimoku indicator, and has already broken the key support level at 131.527. The chart has confirmed a strong downside momentum and is now going to test at 134.233 which coincides with 50% Fibonacci retracement. If price were to pull back further, it will test the 2nd resistance at 134.798. Alternatively, price could bounce back to test at 132.543 which is the Fibonacci 23.6% and previous swing lowTrading Recommendation

Entry: 1.32.53

Reason for Entry: Pullback

Take Profit: 134.23

Reason for Take Profit: 50% Fibonacci retracement

Stop Loss: 131.527

Reason for Stop Loss:

Swing low intermediate support level

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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