empty
 
 
08.03.2022 05:21 AM
USDJPY Potential For Bullish Continuation | 8th Mar 2022

This image is no longer relevant

On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish momentum from our 1st support at 115.483 in line with 78.6% Fibonacci retracement towards our 1st resistance at 115.805 which is an area of fibonacci confluences. Our bullish bias is further supported by prices trading above our Ichimoku cloud support and also MacD being on bullish momentum. Alternatively prices may dip to our 2nd support at 115.243 in line with 23.6% Fibonacci retracement.

Trading Recommendation

Entry: 115.483

Reason for Entry:

78.6% Fibonacci retracement

Take Profit: 115.805

Reason for Take Profit:

Area of fibonacci confluences

Stop Loss: 115.243

Reason for Stop Loss:

23.6% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback