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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 109.70, 110.35, 111.00

Key Support Levels: 109.20, 108.55, 107.80

Daily Chart:

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

1-hour Chart:

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.

Signal Idea:

Buy Limit Order @ 109.23

TP 1 @ 109.70

TP 2 @ 110.35

Stop Loss @ 109.02

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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