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24.06.202206:43 Forex Analysis & Reviews: USDJPY Potential For Bullish Continuation | 24th June 2022

Exchange Rates 24.06.2022 analysis

Description:

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 135.536 in line with the pullback support and 23.6% fibonacci retracement to our 1st resistance at 138.846 where the 161.8% fibonacci extension and 78.6% fibonacci projection are . Alternatively, price may break 1st support structure and head for 2nd support at 131.607 in line with the swing low support,78.6% fibonacci projection and 50% fibonacci retracement.

Trading Recommendation

Entry: 135.536

Reason for Entry:horizontal pullback support and 23.6% fibonacci retracement

Take Profit: 138.846

Reason for Take Profit:161.8% fibonacci extension and 78.6% fibonacci projection

Stop Loss: 131.607

Reason for Stop Loss: horizontal swing low support,78.6% fibonacci projection and 50% 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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