Forex Analysis & Reviews: USDJPY, Potential for Bullish Continuation | 4th May 2022

On the H4, with price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 131.240 where the swing high resistance is from our 1st support at 129.374 in line with the horizontal pullback support and 50% and 78.6 Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 127.240 where the horizontal swing low support is.

Trading Recommendation
Entry: 129.374
Reason for Entry:
Horizontal pullback support and 50% and 78.6 Fibonacci retracement
Take Profit:131.240
Reason for Take Profit: Horizontal swing high resistance
Stop Loss: 127.240
Reason for Stop Loss:
Horizontal swing low support

Analysis are provided by InstaForex