USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 116.35, 117.78, 118.72
Key Support Levels: 115.43, 114.70, 113.97
The price on the higher time frame has been in an uptrend for a few weeks and it has now broken a resistance level of 115.53. The price has respected the trendline and formed many rejection wicks from the downside that indicates bullishness.
USD/JPY Medium-Term Trend: Bullish
On the lower time frame, the price has moved in the major trend’s direction and broke the trading zone of 115.71. The price has also respected the trendline similar to the daily chart and previous resistance should now act as a good support level.
Buy Stop Order @ 115.94
TP 1 @ 116.24
TP 2 @ 116.55
Stop Loss @ 115.64
Trade Safely 🙂