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21.03.2022 08:01 AM
USDJPY Bullish Continuation | 21st Mar 2022

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On the H4 timeframe, prices have approached pivot and swing high. We see the potential for a short pullback from our 1st resistance at 119.246 in line with 61.8% Fibonacci projection towards our 1st support at 118.366 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci Projection. Divergence is spotted on RSI, further supporting our bearish bias. Alternatively, our stop loss will be placed at 119.480 in line with 78.6% Fibonacci Projection.

Trading Recommendation

Entry: 119.246

Reason for Entry:

61.8% Fibonacci projection

Take Profit: 118.366

Reason for Take Profit:

61.8% Fibonacci retracement and 127.2% Fibonacci Projection.

Stop Loss: 119.480

Reason for Stop Loss:

78.6% Fibonacci Projection.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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