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02.09.2022 12:20 PM
USDJPY Potential For Bullish Continuation | 2nd September 2022

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On the H4 chart, price has confirmed a bullish momentum breaking the previous high. We are bullish bias- Price has broken the 139.373 levels where the previous swing high sits. If bullish momentum continues, it should bring price toward the first resistance at 140.582 where the 78.6% projection sits. Alternatively, if price reverse, it might pull back to test the intermediate support at 138.265 then the first support at 136.455 where the 38.2% fibonacci retracement sits then subsequently the second support at 135.560 where the 50% retracement sits

Trading Recommendation

Entry: 139.162

Reason for Entry:

Pull back long entry, 61.8% projection

Take Profit: 140.582

Reason for Take Profit:78.6% projectionStop Loss: 138.078

Reason for Stop Loss:

23.6% retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2026
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