USD/JPY) support boost Bullish Trend Read The captionSMC Trading point update
Technical analysis of USD/JPY on the 4-hour timeframe, based on a rejection from a key support zone and signs of trend continuation toward a higher target.
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Technical Breakdown:
1. Support Level:
Price has bounced from a clearly defined support zone around 146.00 – 146.50, which has held multiple times in the past.
This zone is acting as a strong demand area where buyers are stepping in.
2. Bullish Rejection + Structure:
A bullish candle has formed from the support area, signaling potential reversal.
The drawn projection suggests higher highs and higher lows forming — indicating bullish continuation.
3. EMA (200):
Price has respected the 200 EMA (blue line), bouncing off it — a strong confluence for bullish trend continuation.
EMA is slightly upward sloping, indicating a longer-term bullish bias remains intact.
4. RSI (14):
RSI is rising from oversold territory (42.09), indicating a bullish momentum shift.
A potential bullish divergence might be forming (price made lower low, RSI made higher low).
5. Target Point:
Price is projected to reach 150.904, giving a potential move of ~2.91% (426 pips) from current levels.
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Trade Idea Summary:
Bias: Bullish
Entry Zone: 146.90 – 147.30 (current levels or slight pullback)
Stop Loss: Below the support zone (~145.90)
Take Profit (TP): 150.900 (key resistance / previous high)
Risk-to-Reward Ratio: Attractive, based on the size of the support zone vs. projected move
Mr SMC Trading point
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Key Insights:
Strong confluence between price structure, support zone, and 200 EMA bounce.
Favorable risk-reward ratio for swing or intraday traders.
Best confirmation would come from a bullish engulfing candle or break above minor resistance near 147.80.
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