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USD/JPY Potential Upward Movement

USD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 110.114, 110.425, 110.697.

Key Support Levels: 109.681, 109.117, 109.000.

Daily Chart:

The price on the higher time frame the price is bouncing between two key levels which are the support and the resistance with the respective values, 109.681 & 110.114 JPY. The support looks difficult to break down which led to a reversal and a move higher.

USD/JPY Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the price succeeded to break the bearish channel to the upside after finding buyers around the 61.80 % Fibonacci retracement. We expect a lower correction to the highlighted zone before a new bullish impulsive wave to the target profit.

Signal Idea:

Buy Limit Order @ 109.938

TP 1 @ 110.111

TP 2 @ 110.425

Stop Loss @ 109.856

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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