Analysis
-USDJPY looking bullish after showing signs of reversal. Sellers pushed down into support but buyers bought it back up before the daily candle close.
-The price action resulted in a pinbar setup at support which is a bullish sign.
-On the 1H time frame, price looking to break the trendline to the upside.
-There is also strong bullish MACD divergence on the 1H time frame following a double bottom pattern which further eludes to price possibly moving higher in the coming days.
-The reward/risk is good for an entry on the break of the trendline (given the distance between daily S/R levels)
*Trade safe and at your own discretion!*
-USDJPY looking bullish after showing signs of reversal. Sellers pushed down into support but buyers bought it back up before the daily candle close.
-The price action resulted in a pinbar setup at support which is a bullish sign.
-On the 1H time frame, price looking to break the trendline to the upside.
-There is also strong bullish MACD divergence on the 1H time frame following a double bottom pattern which further eludes to price possibly moving higher in the coming days.
-The reward/risk is good for an entry on the break of the trendline (given the distance between daily S/R levels)
*Trade safe and at your own discretion!*