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06.02.2023 11:01 AM
USDJPY Potential for Bullish Rise towards previous swing high |

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Description :

Looking at the H4 chart, my overall bias for USDJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 130.602, where the overlap support and 23.6% Fibonacci line is. Stop loss will be at 128.082, where the recent swing low is. Take profit will be at 134.772, where the previous swing high is.

Trading Recommendation

Entry: 130.602

Reason for Entry: Overlap support and 23.6% Fibonacci line

Take Profit: 134.772

Reason for Take Profit:

Previous swing high

Stop Loss: 128.082

Reason for Stop Loss:

Recent swing low

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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