USDJPY, H4 | Bounce off 1st support?

The USD/JPY chart currently exhibits strong bullish momentum, with potential for prices to bounce off the 1st support level at 133.72 and advance towards the 1st resistance level at 134.73.

The 1st support level, coinciding with current price, is an overlap support that signals a robust buying interest. Additionally, the 2nd support level, aligned with the 61.80% Fibonacci projection, reinforces its importance as a significant support level.

As for resistance levels, the 1st resistance level is a multi-swing high resistance that corresponds with the 61.80% Fibonacci retracement, and is expected to present a significant challenge for upward price movements. Similarly, the 2nd resistance level, a pullback resistance, may also impede bullish momentum.

Analysis are provided by InstaForex

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