18.01.202209:50 Forex Analysis & Reviews: USDJPY Potential Bullish Bounce | 18th Jan 2022

Exchange Rates 18.01.2022 analysis

On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to push higher from 1st Support in line with 23.6% Fibonacci retracement and graphical overlap support towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the MACD indicator where the MACD line crossed above the signal line and both lines are in the oversold area.

Trading Recommendation

Entry: 114.508

Reason for Entry:Graphical overlap support, 23.6% Fibonacci retracement

Take Profit: : 115.508

Reason for Take Profit:61.58% FIbonacci retracement and 61.8% FIbonacci projection

Stop Loss: 113.921

Reason for Stop Loss:

78.6 Fibonacci projection, 61.8% Fibonacci retracement

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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