Good Morning,
As you can see from the chart USD/JPY has been in a downtrend on the daily following the bigger trend line, however it is currently on the up retracing back to the downward trend line within the upwards channel and so provides a great potential buy.
- Price is currently between two key S/R levels, I will wait for price to bounce off the upper resistance level, I will be looking to buy on a bounce off the support level below it.
- My goal TP is marked on the chart at 108.49 which is a key resistance level, it also matches up with the downward trend line well.
- If this TP is reached I will then wait to see whether price obeys the downward trend line or whether a breakout is on the cards.
Let me know what you think! if you have a different outlook I would love to hear it.
Thanks
As you can see from the chart USD/JPY has been in a downtrend on the daily following the bigger trend line, however it is currently on the up retracing back to the downward trend line within the upwards channel and so provides a great potential buy.
- Price is currently between two key S/R levels, I will wait for price to bounce off the upper resistance level, I will be looking to buy on a bounce off the support level below it.
- My goal TP is marked on the chart at 108.49 which is a key resistance level, it also matches up with the downward trend line well.
- If this TP is reached I will then wait to see whether price obeys the downward trend line or whether a breakout is on the cards.
Let me know what you think! if you have a different outlook I would love to hear it.
Thanks