This 15-minute chart of USD/JPY displays a clear bullish impulse following a Change of Character (ChoCh) and a Break of Structure (BoS). Price action has reached a key resistance zone, and traders are now anticipating the next move based on market reactions.
Key Observations:
1. Change of Character (ChoCh):
- This indicates a shift from bearish to bullish sentiment.
- The market rejected lower prices and started forming higher highs and higher lows.
2. b]Break of Structure (BoS):
- This confirms bullish momentum as previous resistance levels are broken.
- A strong bullish move suggests demand is dominating.
3. Current Price Action:
- The price has approached a liquidity zone (previous high).
- Potential rejection at this level suggests profit-taking or a shift in order flow.
Possible Scenarios:
✅ Bullish Continuation:
- If price retraces into the M15 demand zone (marked on the chart) and finds support, a continuation to the upside is likely.
- A break above the current high could push price towards 149.950 or even 150.000.
❌ Bearish Reversal:
- If price aggressively rejects the current high and breaks the M15 demand zone, we could see a bearish move towards **149.100 - 148.900**.
- This would indicate a deeper correction or potential trend reversal.
Trading Plan:
- **Wait for confirmation at the M15 demand zone.**
- **Look for bullish price action signals for continuation trades.**
- **If demand fails, shift bias to bearish setups.**
📌 Conclusion:
USD/JPY is at a critical decision point. The next move will depend on whether buyers defend the demand zone or if sellers step in to drive price lower. Stay patient and react to market structure shifts accordingly. 🚀📉
Key Observations:
1. Change of Character (ChoCh):
- This indicates a shift from bearish to bullish sentiment.
- The market rejected lower prices and started forming higher highs and higher lows.
2. b]Break of Structure (BoS):
- This confirms bullish momentum as previous resistance levels are broken.
- A strong bullish move suggests demand is dominating.
3. Current Price Action:
- The price has approached a liquidity zone (previous high).
- Potential rejection at this level suggests profit-taking or a shift in order flow.
Possible Scenarios:
✅ Bullish Continuation:
- If price retraces into the M15 demand zone (marked on the chart) and finds support, a continuation to the upside is likely.
- A break above the current high could push price towards 149.950 or even 150.000.
❌ Bearish Reversal:
- If price aggressively rejects the current high and breaks the M15 demand zone, we could see a bearish move towards **149.100 - 148.900**.
- This would indicate a deeper correction or potential trend reversal.
Trading Plan:
- **Wait for confirmation at the M15 demand zone.**
- **Look for bullish price action signals for continuation trades.**
- **If demand fails, shift bias to bearish setups.**
📌 Conclusion:
USD/JPY is at a critical decision point. The next move will depend on whether buyers defend the demand zone or if sellers step in to drive price lower. Stay patient and react to market structure shifts accordingly. 🚀📉
Order cancelled
Price came close, but not close enoughNote
Price went on to trigger the cancelled trade and reach 170 pips 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.