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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 115.373, 115.680, 116.165.

Key Support Levels: 114.746, 114.335, 114.160.

Daily Time Frame:

The price on the higher time frame was in an upward movement where it posted a correction to the 114.650 JPY mark. The market left an engulfing bullish candlestick around this level showing that he buyers are in control of the market.

USD/JPY Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trendline to the upside. In addition, we have a breakout of the bespoke resistance level around the 115.08 JPY mark. The market is expected to move upward in the same direction of the main trend.

Buy Market Order @ 115.081

TP 1 @ 115.630

TP 2 @ 116.165

Stop Loss @ 114.810

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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