Good morning, traders! Today we will analyze USD / JPY in three timeframes to show you our bullish vision in depth.
We are going to carry out an analysis from highest to lowest. We will start with the highest timeframe (Weekly), and we will go down to 8H.
Weekly Chart:
🔸Here we can see how the price managed to penetrate the Descending Trendline that was in force for more than six years. After the break, it consolidated in the area for a few weeks, and now we see clear intentions for a bullish move. We go to the daily chart to see this behavior in more detail.
Daily Chart:
🔸We can trace not only the throwback to the Descending Trendline, but it also coincides with the bullish channel. This double confirmation gives greater security to the setup.
🔸These two timeframes provide valuable information about the price context, but we need more precise information to take a trade. That is why the main timeframe is 8H (published in the idea).
🔸In this timeframe, we see clearly within the bullish channel. After correcting for a few weeks and staying in a kind of range, the price yesterday was able to break the corrective structure with a bullish force. We consider that there is bullish potential towards the next Resistance zone (previous high).
We are going to carry out an analysis from highest to lowest. We will start with the highest timeframe (Weekly), and we will go down to 8H.
Weekly Chart:
🔸Here we can see how the price managed to penetrate the Descending Trendline that was in force for more than six years. After the break, it consolidated in the area for a few weeks, and now we see clear intentions for a bullish move. We go to the daily chart to see this behavior in more detail.
Daily Chart:
🔸We can trace not only the throwback to the Descending Trendline, but it also coincides with the bullish channel. This double confirmation gives greater security to the setup.
🔸These two timeframes provide valuable information about the price context, but we need more precise information to take a trade. That is why the main timeframe is 8H (published in the idea).
🔸In this timeframe, we see clearly within the bullish channel. After correcting for a few weeks and staying in a kind of range, the price yesterday was able to break the corrective structure with a bullish force. We consider that there is bullish potential towards the next Resistance zone (previous high).