USDJPY: Great buy setup!

FX:USDJPY   U.S. Dollar / Japanese Yen
Good Morning,

As you can see from the chart USD/JPY has been in a downtrend on the daily following the bigger trend line , however it is currently on the up retracing back to the downward trend line within the upwards channel and so provides a great potential buy.

- Price is currently between two key S/R levels, I will wait for price to bounce off the upper resistance level , I will be looking to buy on a bounce off the support level below it.

- My goal TP is marked on the chart at 108.49 which is a key resistance level , it also matches up with the downward trend line well.

- If this TP is reached I will then wait to see whether price obeys the downward trend line or whether a breakout is on the cards.

Let me know what you think! if you have a different outlook I would love to hear it.



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