FX.co ★ USDJPY Potential For Bearish Continuation | 20th May 2022

On the H4, with prices moving below the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 128.085 where the 38.2% Fibonacci retracement and horizontal overlap resistance is to our 1st support at 126.787 in line with the 78.6% Fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 128.831 where the horizontal swing high resistance and 61.8% Fibonacci retracement is.

Trading Recommendation Entry: 128.085Reason for Entry:38.2% Fibonacci retracement and Horizontal overlap resistanceTake Profit: 126.787

Reason for Take Profit:78.6% Fibonacci projection

Stop Loss: 128.831Reason for Stop Loss:

Horizontal swing high resistance and 61.8% Fibonacci retracement