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18.01.202209:50 Forex Analysis & Reviews: USDJPY Potential Bullish Bounce | 18th Jan 2022

Exchange Rates 18.01.2022 analysis

On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to push higher from 1st Support in line with 23.6% Fibonacci retracement and graphical overlap support towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the MACD indicator where the MACD line crossed above the signal line and both lines are in the oversold area.

Trading Recommendation

Entry: 114.508

Reason for Entry:Graphical overlap support, 23.6% Fibonacci retracement

Take Profit: : 115.508

Reason for Take Profit:61.58% FIbonacci retracement and 61.8% FIbonacci projection

Stop Loss: 113.921

Reason for Stop Loss:

78.6 Fibonacci projection, 61.8% Fibonacci retracement

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

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On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 0.63428 where the 23.6% Fibonacci retracement, 38.2% Fibonacci retracement and horizontal swing high resistance is to our 1st support at 0.62274 in line with the horizontal.
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On the H4, with the MACD showing a bullish momentum, we have a bullish bias that price will rise to our 1st resistance at 31334.20 in line with the horizontal swing high resistance and 78.6% Fibonacci projection from our 1st support at 29554.29 in line with the horizontal swing low support, 61.8%.
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