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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.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️