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USD/JPY Potential Upward Movement

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.

Signal Idea:

Buy Limit Order @ 110.20

TP 1 @ 110.30

TP 2 @ 110.45

Stop Loss @ 110.16

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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