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01.02.2021 09:32 AM
USDJPY testing 1st support, potential for a bounce!

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Price is testing our 1st support at 104.615, in line with our horizontal swing low support and 50% Fibonacci retracement. We could potentially see a bounce at this level and a further push up towards our 1st resistance level, in line with our 50% Fibonacci extension and horizontal swing high resistance. Price is also holding above the Ichimoku cloud, showing bullish momentum in line with our bullish bias.

Trading Recommendation

Entry: 104.615

Reason for Entry:

50% Fibonacci retracement and horizontal swing low support

Take Profit: 104.942

Reason for Take Profit:

50% Fibonacci extension and horizontal swing high resistance

Stop Loss: 104.371

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal pullback support

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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