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16.02.2023 12:13 PM
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 132.770, where the overlap support and 38.2% Fibonacci line is. Take profit will be at 134.772, where the previous swing high is. Stop loss will be at 131.525, where the previous overlap support is.

Trading Recommendation

Entry: 132.770

Reason for Entry: overlap support and 38.2% Fibonacci line

Take Profit: 134.772

Reason for Take Profit:

Previous swing high

Stop Loss: 131.525

Reason for Stop Loss:

previous overlap support

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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