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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 110.55, 111.63, 112.00

Key Support Levels: 109.70, 109.35, 108.61

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 110.04

TP 1 @ 110.53

TP 2 @ 111.63

Stop Loss @ 109.87

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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