FXtrades-gp

USDJPY: The price is FOLLOWING a strong ASCENDING CHANNEL

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
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🟢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

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Comments

Im on this one
+1 Reply
FXtrades-gp Paperstacks_SA
@Paperstacks_SA, same over here! thanks for ur feedback! :) Where's ur target?
Reply
Paperstacks_SA FXtrades-gp
@FXtrades-gp, 105.500 then 106.00
+1 Reply
FXtrades-gp Paperstacks_SA
@Paperstacks_SA, interesting!:)
Reply
All the way up!
+1 Reply
FXtrades-gp profitalztrading
@profitalztrading, yup! let's see!
Reply
nice setup ... i agree with u
+1 Reply
FXtrades-gp MMFXSignals
@MMFXSignals, absolutely amazing! thank you for sharing your idea!
Reply
Here is our idea:

We would appreciate your feedback.
+1 Reply
FXtrades-gp ForecastCity_World
@ForecastCity_World, really interesting chart! thanks for sharing your opinion!
Reply
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