As you can see from the chart USD/JPY has been in a downtrend on the daily following the bigger , however it is currently on the up retracing back to the downward 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 , I will be looking to buy on a bounce off the below it.
- My goal TP is marked on the chart at 108.49 which is a key , it also matches up with the downward well.
- If this TP is reached I will then wait to see whether price obeys the downward 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.