USDJPY– Buyer on the way up
Trend: Strong buy
Support/Resistance:
R3: 110.237
R2: 109.880
S1: 109.264
S2: 109.140
S3: 108.880
Price action:
In this case overall flow of USDJPY currency pair is buyers. If we compare buyers to sellers, we can say that buyers broke resistance level on daily timeframe, that was very important. If buyers can hold above this level which is at 109.264, then they are able to reach first potencial target at 109.880 resistance level. We are motly bullish on this pair to the second potencial target which is at 110.237 resistance level.
If Sellers are able to bring price back below support level at 109.140, then we are headed to lower support targets to 108.880 support level.
Potencial trade idea:
Bulls targets:
T1: 109.880
T2: 110.237
Bears targets:
T1: 108.880
NOTE – We are trading USDJPY via the preferred trading setups
Trend: Strong buy
Support/Resistance:
R3: 110.237
R2: 109.880
S1: 109.264
S2: 109.140
S3: 108.880
Price action:
In this case overall flow of USDJPY currency pair is buyers. If we compare buyers to sellers, we can say that buyers broke resistance level on daily timeframe, that was very important. If buyers can hold above this level which is at 109.264, then they are able to reach first potencial target at 109.880 resistance level. We are motly bullish on this pair to the second potencial target which is at 110.237 resistance level.
If Sellers are able to bring price back below support level at 109.140, then we are headed to lower support targets to 108.880 support level.
Potencial trade idea:
Bulls targets:
T1: 109.880
T2: 110.237
Bears targets:
T1: 108.880
NOTE – We are trading USDJPY via the preferred trading setups
Trade closed: target reached
FIRST TARGET REACHED.Moving forward will tell us after breaking again key level on analysis, but for better entry and exact entry will tell us custom made indicator.
At the moment price is below important resistance level, which is not proving continuation on buy idea for now
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.