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18.02.2022 09:00 AM
USDJPY Potential Bullish Momentum | 18th Feb 2022

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Price is trading in a daily ascending channel. Price is near the 1st support level of 115.039 in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement. Price can potentially go to the swing high resistance of 116.297 in line with 61.8% Fibonacci projection. Our bullish bias is supported by the ichimoku cloud indicator. Alternatively price can dip to the 2nd support level of 114.648 in line with 100% Fibonacci projection and 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 115.039

Reason for Entry: 61.8% Fibonacci retracement, 78.6% Fibonacci projection and graphical overlap support

Take Profit: : 116.297

Reason for Take Profit:

Previous swing high and 61.8% Fibonacci projection

Stop Loss: 114.648

Reason for Stop Loss:

100% Fibonacci projection and 78.6% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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