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01.06.2022 09:39 AM
USDJPY Potential For Bullish Continuation | 1st June 2022

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On the H4, with prices moving above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our 1st support at 128.899 where the horizontal pullback support and 78.6% fibonacci projection are to our 1st resistance at 129.643 in line with the swing high resistance, 161.8% Fibonacci extension and 78.6% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 128.070 where the horizontal overlap support is.

Trading Recommendation

Entry: 128.899

Reason for Entry:

Horizontal pullback support and 78.6% fibonacci projection

Take Profit:129.643

Reason for Take Profit:Horizontal swing high resistance, 161.8% Fibonacci extension and 78.6% fibonacci projection

Stop Loss: 128.070

Reason for Stop Loss:

Horizontal overlap support

Ringkasan
Urgensi
Analitik
Dean Leo
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