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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 110.20, 110.79, 111.00

Key Support Levels: 109.37, 109.00, 108.61

Daily Chart:

The price on the higher time frame is in a clear upward movement where it posted higher highs and lows. As well, it is trading inside a bullish channel formation. We are in a middle of a correction where further movement to the upside is expected.

USD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the price succeeded to break the bearish channel to the upside by posting a double bottom formation. Then a correction count has been posted around the 61.80% Fibonacci retracement level. We are looking to buy the pair around the 109.66 USD mark before it rally again.

Signal Idea:

Buy Limit Order @ 109.66

TP 1 @ 110.20

TP 2 @ 110.79

Stop Loss @ 109.48

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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