USDJPY H8: Bullish outlook seen, limited upside above 135.20

15 בדצמ׳ 2022On the H8 time frame, prices are testing the demand zone at 135.20 in line with 78.6% Fibonacci retracement where we could see a further upside above this zone, to the next resistance zone at 138.50. The 138.50 resistance zone is a graphical area that was tested multiple times as a support before prices broke below this level and coincides with the Fibonacci confluence levels. Stochastic is testing support at 3.07 as well where we could see a bounce above this level, in line with prices.