USD/JPY Sideways Channel in Focus – Buckle Up for Breakout!

Key Resistance Levels: 109.75, 110.02, 110.44

Key Support Levels: 108.89, 108.62, 108.19

Daily Chart:

The USD/JPY is trading bullish at 109.550 level, maintaining a tight trading range of 109.829 – 109.400 level. The safe-haven currency pair USD/JPY is facing immediate resistance at 109.820 along with a support level of 109.400. The recent formation of series of Doji and Shooting Star candles on the 4-hour timeframe are demonstrating indecision among investors. Release of any high impact even is likely to trigger sharp buying or selling in the USD/JPY. On the lower side, a bearish breakout of 109.400 support can lead the pair towards 109.037. Conversely, the bullish breakout of 108.820 level may drive buying until 110.450 and 110.850.

USD/JPY Medium-Term Trend: Bullish

1-Hour Chart:

The USD/JPY pair is maintaining a tight trading range of 109.829 – 109.400 level. We are setting up a sell stop order below 109.430 to target 109.013 level along with a buy stop order at 109.850 We expect a breakout to the lower and a rally all the way down to the target profit.

Signal Idea: Sell Stop

Sell Stop Order @ 109.430

TP 1 @ 109.013

TP 2 @ 108.385

Stop Loss @ 109.650

Signal Idea: Buy Stop

Buy Stop Order @ 109.850

TP 1 @ 110.550

TP 2 @ 110.950

Stop Loss @ 109.450

Trade Safely 🙂