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04.05.202207:04 Forex Analysis & Reviews: USDJPY, Potential for Bullish Continuation | 4th May 2022

Exchange Rates 04.05.2022 analysis

On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 131.240 where the swing high resistance is from our 1st support at 129.374 in line with the horizontal pullback support and 50% and 78.6 Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.240 where the horizontal swing low support is.

Trading Recommendation

Entry: 129.374

Reason for Entry:

Horizontal pullback support and 50% and 78.6 Fibonacci retracement

Take Profit:131.240

Reason for Take Profit:Horizontal swing high resistance

Stop Loss: 127.240

Reason for Stop Loss:

Horizontal swing low support

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Dean Leo,
Especialista em análise na InstaForex
© 2007-2022
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