USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 110.55, 111.63, 112.00
Key Support Levels: 109.70, 109.35, 108.61
The price on the higher time frame failed to break a strong daily support around the 109.35 USD and it is forming an inverse head and shoulders which show that a potential reversal could occur. If this is the actual scenario, a move upward is about to happen.
USD/JPY Medium-Term Trend: Bullish
On the lower time frame, the price managed to break an expanding flag formation to the upside. A lower correction could be seen to the highlighted zone before a new impulsive wave to the upside toward the target profit.
Buy Limit Order @ 110.04
TP 1 @ 110.53
TP 2 @ 111.63
Stop Loss @ 109.87
Trade Safely 🙂