USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 114.45, 114.69, 115.00.
Key Support Levels: 114.19, 114.08, 113.93.
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
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.
Buy Limit Order @ 114.157
TP 1 @ 114.424
TP 2 @ 114.690
Stop Loss @ 114.024
Trade Safely 🙂