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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 116.35, 117.78, 118.72

Key Support Levels: 115.43, 114.70, 113.97

Daily Time-frame:

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

1-Hour Time-frame:

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.

Signal Idea:

Buy Stop Order @ 115.94

TP 1 @ 116.24

TP 2 @ 116.55

Stop Loss @ 115.64

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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