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USD/JPY Potential Upward Movement

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.

Signal Idea:

Buy Limit Order @ 115.368

TP 1 @ 115.964

TP 2 @ 116.74

Stop Loss @ 115.220

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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