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11.04.2022 07:20 AM
USDJPY Potential For Bounce! | 11th Apr 2022

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On the H4 timeframe, prices are on bullish momentum and abiding by an ascending trendline support. We see the potential for a bounce from our 1st support at 124.175 in line with 23.6% Fibonacci retracement. A break from our intermediate resistance at 125.082 in line with 100% Fibonacci Projection will find prices climbing towards our 1st resistance at 125.947 in line with 127.2% Fibonacci Extension and also daily swing high. Prices are trading above our Ichimoku clouds, further supporting our bullish bias. Alternatively, our stop loss will be placed at 122.819 which is a graphical overlap and in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 124.175

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 125.947

Reason for Take Profit:127.2% Fibonacci Extension and also daily swing high

Stop Loss: 122.819Reason for Stop Loss:

61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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