FX.co ★ USDJPY Potential For Bullish Continuation | 10th August 2022

On the H4, price is still bullish biased as it fails to pull back to the first support the previous session. It is currently moving towards the first resistance at 135.599 which coincides with the 61.8% Fibonacci retracement and the previous swing low. If price breaks this level, it will move up to test at the second resistance which is the previous swing high at 137.506. Alternatively, price could pull back to test at the first support 134.361 which is the previous swing low

Trading Recommendation

Entry: 134.361

Reason for Entry:

Pullback

Take Profit: 136.000

Reason for Take Profit:61.8% fibonacci projection sits

Stop Loss: 132.467

Reason for Stop Loss:

Swing low key level