USD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 110.114, 110.425, 110.697.
Key Support Levels: 109.681, 109.117, 109.000.
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
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.
Buy Limit Order @ 109.938
TP 1 @ 110.111
TP 2 @ 110.425
Stop Loss @ 109.856
Trade Safely 🙂