USDJPY Facing Bullish Pressure | 22 July 2021

Following a bullish breakout of the descending trendline, price is likely to take support at the 1st support level which is also in line with descending trendline, 38.2% Fibonacci extension level and 38.2% Fibonacci retracement level. Price is then expected to rise up to the take profit level at 110.343 which is in line with the horizontal swing high and 78.6% Fibonacci extension level. Our bullish bias is further supported by how price is holding above the Ichimoku cloud .

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