USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 110.20, 110.79, 111.00
Key Support Levels: 109.37, 109.00, 108.61
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
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.
Buy Limit Order @ 109.66
TP 1 @ 110.20
TP 2 @ 110.79
Stop Loss @ 109.48
Trade Safely 🙂