USDJPY short-term bullish bounce | 6th Dec 2021

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On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum. However, we can expect price to make a small retracement from 1st Support in line with 78.6% Fibonacci projection towards 1st Resistance in line with 38.2% Fibonacci retracement and 100% Fibonacci projection. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is abiding to the ascending trendline support.

Trading Recommendation

Entry:112.740

Reason for Entry:

78.6% Fibonacci projection

Take Profit: 113.559

Reason for Take Profit:

38.2% Fibonacci retracement and 100% Fibonacci projection

Stop Loss: 112.372

Reason for Stop Loss:

127.2% Fibonacci retracement and 127.2% Fibonacci projection

The material has been provided by InstaForex Company - www.instaforex.com

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