USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 116.74, 118.632, 119.000.
Key Support Levels: 114.398, 112.767, 111.000.
Daily Time Frame:
The price on the higher time frame is in a clear upward movement where the market succeeded to break the bullish flag to the upside and then found more buyers after a retracement near the 61.80% Fibonacci retracement level. This could lead to further movement to the upside in the coming hours.
USD/JPY Medium-Term Trend: Bullish
1-Hr Time Frame:
On the lower time frame, the market posted a correction count where a huge wick to the downside has been left. This shows that the buyers are still in control and they are capable to push the price further more in the same direction of the main trend.
Buy Limit Order @ 115.368
TP 1 @ 115.964
TP 2 @ 116.74
Stop Loss @ 115.220
Trade Safely 🙂