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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 114.45, 114.69, 115.00.

Key Support Levels: 114.19, 114.08, 113.93.

1-Hr Chart:

The price on the higher time frame is traded inside a bullish channel where a series of higher highs and lows has been posted. The market found support around the 114.20 JPY mark which represents an area of confluence made of the bespoke support and the 61.80% Fibonacci retracement level. The market could be seen moving upward again toward the next key level.

USD/JPY Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the market failed to break the bespoke support where long wicks bars to the downside has been posted. This shows that the buyers are taking control of the market and might reverse it to the upside. But before this move a lower correction could be seen to bring back liquidity.

Signal Idea:

Buy Limit Order @ 114.157

TP 1 @ 114.424

TP 2 @ 114.690

Stop Loss @ 114.024

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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