Today’s analysis – USDJPY – trading at a key level of support where a bounce towards the highs is probable,
Points to consider, - Price Action corrective - Daily S/R support - VAL Support - Channel low
USDJPY’s immediate price action is trading towards an area that is in technical confluence with the .618 Fibonacci, Weekly S/R, VAL and the Psfp, allowing for a bullish bias.
Breaking out of the current channel will signify a change in market structure, this will mean a new higher high.
The immediate objective is the Daily S/R, exceeding this level will lead to high targets.
Overall, in my opinion, USDJPY is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!,
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And remember,
Trading is mostly a waiting game. if you want action that happens on your own terms, you’re in the wrong field.