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03.02.2022 05:58 AM
USDJPY Bullish Bounce | 3rd Feb 2022

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On the H4 chart, price is trading in an ascending channel signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 78.6% Fibonacci retracement and 100% Fibonacci projection towards 1st Resistance in line with 78.6% Fibonacci projection and previous swing high. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level.

Trading Recommendation

Entry: 114.025

Reason for Entry: 78.6% Fibonacci retracement and 100% Fibonacci projection

Take Profit: : 115.598

Reason for Take Profit: 78.6% FIbonacci projection and previous swing high

Stop Loss: 113.512

Reason for Stop Loss:

Horizontal support

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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Dean Leo
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