10.08.202206:28 Forex Analysis & Reviews: USDJPY Potential For Bullish Continuation | 10th August 2022

Exchange Rates 10.08.2022 analysis

On the H4, price is still bullish biased as it fails to pull back to the first support the previous session. It is currently moving towards the first resistance at 135.599 which coincides with the 61.8% Fibonacci retracement and the previous swing low. If price breaks this level, it will move up to test at the second resistance which is the previous swing high at 137.506. Alternatively, price could pull back to test at the first support 134.361 which is the previous swing low

Trading Recommendation

Entry: 134.361

Reason for Entry:


Take Profit: 136.000

Reason for Take Profit:61.8% fibonacci projection sits

Stop Loss: 132.467

Reason for Stop Loss:

Swing low key level

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.