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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 109.48, 109.69, 110.00

Key Support Levels: 109.00, 108.61, 108.43

Daily Chart:

The price on the higher time frame failed to break the daily support around the 108.61 USD level. It reversed and moved to the upside by managing to violate the strong resistance and closing above it. A retracement might be seen before a move upward.

USD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the lower time frame, the price succeeded to break the expanding wedge to the upside and posted a double bottom formation. The price now is stuck above the highlighted zone where we expect a rally toward our target profit.

Signal Idea:

Buy Limit Order @ 109.02

TP 1 @ 109.48

TP 2 @ 109.69

Stop Loss @ 108.78

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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