USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 110.31, 110.45, 110.54
Key Support Levels: 110.15, 110.04, 109.94
1 – Hour Chart:
The price is trending to the upside by posting higher highs and lows. It is bouncing inside a bullish channel formation where it managed to break the strong resistance around the 110.15 USD mark. This strong resistance is now the new support which could lead to a move upward in again in the same direction of the main trend.
USD/JPY Medium-Term Trend: Bullish
5 – Mins Chart:
On the 5 mins chart the price managed to break the bullish flag formation to the upside. A lower correction could be seen before a rally all the way up to the target profit mentioned below.
Buy Limit Order @ 110.20
TP 1 @ 110.30
TP 2 @ 110.45
Stop Loss @ 110.16
Trade Safely 🙂