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15.03.2022 06:01 AM
USDJPY Potential For Further Bullish Continuation | 15th Mar 2022

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On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish continuation from our 1st support at 117.422 in line with 38.2% Fibonacci retracement towards our 1st resistance at 119.145 in line with 200% Fibonacci projection and 161.8% Fibonacci projection. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias. Alternatively, prices may dip towards our 2nd support at 116.350 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 117.422

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 119.145

Reason for Take Profit:

200% Fibonacci projection and 161.8% Fibonacci projection

Stop Loss: 116.350

Reason for Stop Loss:

61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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