USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 114.004, 114.222, 114.536.

Key Support Levels: 113.643, 113.484, 113.350.

1-Hr Frame:

The price on the higher time frame is ranging between two parallel lines that are acting as a support and resistance with a respective price level of 113.600 & 114.000 JPY. The market reached the lower end of this channel where it was rejected and leaving behind a hammer candlestick. We expect a move to the upside in the coming hours.

USD/JPY Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the market succeeded to break the descending trendline to the upside after finding buyers below the 113.650 JPY mark. Big bullish bodied bars can be seen showing that the buyers are in control and might push the price again to the upside in the same direction of the main trend.

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Buy Limit Order @ 113.697

TP 1 @ 113.966

TP 2 @ 114.222

Stop Loss @ 113.563

Trade Safely 🙂