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kct-perspective

USD/JPY Near Term Set up for Long

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
kct-perspective Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Support and Resistance Trend Lines Moving Averages USDJPY usdjpylong usdjpyanalysis usdjpylongsetup usdjpy4hr LONG longsetup mediumterm
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supportandresistance trendline movingaverage usdjpy usdjpylong usdjpyanalysis usdjpylongsetup usdjpy4hr long longsetup mediumterm
USDJPY Long

Entry 1: 109.0, Stop Loss 1: 108.75, Target 1: 114.4, Risk to Reward Ratio: 1:19.4

Entry 2: 108.3, Stop Loss 2: 108.00, Target 2: 114.4, Risk to Reward Ratio: 1:28.33

Trade cautiously and await for confirmation of entry signals

  • Consider the horizontal channel which repeats itself over a 1- 1.5 Month Period
  • Support levels at 109 & 108.35
  • Resistance level at 114.4
  • Awaiting moving average cross over
  • 4 hour RSI Index overbought
  • Bottom of Bollinger Bands - awaiting reversal

Good Luck!
Comment:
Support Levels at 108.8 have held and price action appears to be moving back up and confirming reversal in direction.
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