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21.01.202209:19 Forex Analysis & Reviews: USDJPY Potential Bullish Bounce | 21st Jan 2022

Exchange Rates 21.01.2022 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 bounce from 1st Support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level.

Trading Recommendation

Entry: 113.761

Reason for Entry: 78.6% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: : 115.508

Reason for Take Profit: 61.8% Fibonacci projection and 61.8% Fibonacci retracement.

Stop Loss: 113.297

Reason for Stop Loss:

100% Fibonacci projection

*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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