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24.02.2022 07:57 AM
USDJPY Potential Bullish Continuation | 24th Feb 2022

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Price is trading in an ascending channel and near 1st resistance level of 115.241 in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement. Price can potentially dip to the 1st support level of 114.204 in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is supported by the ichimoku cloud indicator. Alternatively price go to the 2nd resistance level of 115.731 in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement

Trading Recommendation

Entry: 115.241

Reason for Entry: 38.2% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap resistance

Take Profit: : 114.204

Reason for Take Profit: Swing low 127.2% Fibonacci retracement and 78.6% Fibonacci projection

Stop Loss: 115.731

Reason for Stop Loss:

61.8% Fibonacci retracement and 127.2% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Summary
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Dean Leo
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