USDJPY: The price is FOLLOWING a strong ASCENDING CHANNEL
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair:
USD/JPY
⚪Technical Analysis:
On the 27th of January 2021, the price got a strong bullish impulse once it reached its dynamic support trendline, moving quickly up, breaking through an important S/R zone at about 104.500 and reaching its next resistance zone at about 105.700.
The price re-tested twice that level before collapsing down back to its previous support.
It is currently re-testing the main S/R zone and the next price action around that level will be essential to define the next market movement.
🔴Conclusion:
Overall the price is following a strong ascending channel, it's already bounced few times on its dynamic channel's lines.
I'm confident to see a new upcoming bullish impulse and here below I'll explain that:
- The bullish impulse started on the 27th of January 2021 got a correction until its main S/R zone, matching with the 0.61% Fib Retracement;
- The price is very close to its dynamic support trendline and there is a possibility to see it bouncing on its ema 200;
I'll be waiting for a better entry point but I'd definitely get a long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
USD/JPY
⚪Technical Analysis:
On the 27th of January 2021, the price got a strong bullish impulse once it reached its dynamic support trendline, moving quickly up, breaking through an important S/R zone at about 104.500 and reaching its next resistance zone at about 105.700.
The price re-tested twice that level before collapsing down back to its previous support.
It is currently re-testing the main S/R zone and the next price action around that level will be essential to define the next market movement.
🔴Conclusion:
Overall the price is following a strong ascending channel, it's already bounced few times on its dynamic channel's lines.
I'm confident to see a new upcoming bullish impulse and here below I'll explain that:
- The bullish impulse started on the 27th of January 2021 got a correction until its main S/R zone, matching with the 0.61% Fib Retracement;
- The price is very close to its dynamic support trendline and there is a possibility to see it bouncing on its ema 200;
I'll be waiting for a better entry point but I'd definitely get a long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
Похожие публикации
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.