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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 110.96, 111.39, 111.65

Key Support Levels: 110.47, 110.32, 109.70

1-Hour Chart:

The price on the higher time frame is traded inside a bullish flag formation where we expect that the price will move to the upside again after it reached the strong support around the 110.47 USD mark.

USD/JPY Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame the price succeeded to post a double bottom which shows that a potential reversal might occurs. The price broke the neckline of this pattern to the upside. A lower correction might be seen to the highlighted zone before a rally to the target profit.

Signal Idea:

Buy Limit Order @ 110.64

TP 1 @ 110.87

TP 2 @ 110.96                

Stop Loss @ 110.56

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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