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17.06.202209:31 Forex Analysis & Reviews: USDJPY Potential For Bullish Continuation | 17th June 2022

Exchange Rates 17.06.2022 analysis

On the H4, with price expected to bounce off stochastic indicator, we have a bullish bias that price will rise from our 1st support at 131.607 where the horizontal swing low support, 78.6% fibonacci projection and 50% fibonacci retracement are to our 1st resistance at 135.536 in line with the swing high resistance and 61.8% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 129.619 where the horizontal overlap support and 61.8% fibonacci retracement are.

Trading Recommendation

Entry: 131.607

Reason for Entry:

Horizontal swing low support, 78.6% fibonacci projection and 50% fibonacci retracement

Take Profit: 135.536

Reason for Take Profit:Swing high resistance and 61.8% fibonacci projectionStop Loss: 129.619

Reason for Stop Loss:

Horizontal overlap support and 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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