USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 109.70, 110.35, 111.00
Key Support Levels: 109.20, 108.55, 107.80
The price on the higher time frame was in a clear uptrend where the market is posting higher highs and lows. The coin is traded inside a bullish channel formation. It managed to break the 109.20 USD mark, and retrace to it. We expect further movement to the upside in the coming hours.
USD/JPY Medium-Term Trend: Bullish
On the 1-hr time frame, the price is trading inside a wedge formation where the pair found buyers around the 61.80 % Fibonacci retracement level. A correction is expected to the highlighted zone before a move upward in the same direction of the main trend.
Buy Limit Order @ 109.23
TP 1 @ 109.70
TP 2 @ 110.35
Stop Loss @ 109.02
Trade Safely 🙂