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Forex Analysis & Reviews: USDJPY Potential For Bearish Continuation | 15th August 2022
time 15.08.2022 12:27 PM
time Relevance up to, 16.08.2022 12:27 PM

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On the H4, prices are still respecting the descending trend and are testing the 61.8% fibonacci retracement. If prices continue with the bearish momentum, we are looking at price pulling back to test at the first support 131.785 where the fibonacci projection as well as the previous swing low sits, subsequently testing the second support at 130.440. Alternatively if prices fail to continue with the bearish trend, we are expecting prices to test at the intermediate resistance 133.919. If it breaks that resistance and confirms bullish momentum, prices will test at first resistance 134.525 where the 78.6% fibonacci retracement sits.

Trading Recommendation

Entry: 133.919

Reason for Entry:

pullback resistance

Take Profit: 131.785

Reason for Take Profit:Swing low support 61.8% fibonacci projection

Stop Loss: 134.525

Reason for Stop Loss:

Pullback resistance

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