The USD/JPY pair is showing an interesting setup on the 4-hour chart—here's what to watch:
🔹 1️⃣ Ascending Channel in Play: The pair is trending within a bullish channel, signaling an overall upward momentum. Traders should keep an eye on this structure for potential opportunities.
🔹 2️⃣ Support Zone Under Test: Price action is near the critical blue-shaded support area at 149.815. This level has historically held as a strong rebound zone. Buyer activity here could determine the next move!
🔹 3️⃣ Potential Scenarios:
Bullish Case: A strong bounce from the support zone could propel the price higher, maintaining the channel's bullish trend.
Bearish Case: A failure to hold the support level may lead to further declines, possibly testing the lower boundary of the channel.
Insights for Traders: Patience is key—monitor the 149.815 zone for signals before committing to a trade. The combination of price patterns and volume data will provide clarity.
🔹 1️⃣ Ascending Channel in Play: The pair is trending within a bullish channel, signaling an overall upward momentum. Traders should keep an eye on this structure for potential opportunities.
🔹 2️⃣ Support Zone Under Test: Price action is near the critical blue-shaded support area at 149.815. This level has historically held as a strong rebound zone. Buyer activity here could determine the next move!
🔹 3️⃣ Potential Scenarios:
Bullish Case: A strong bounce from the support zone could propel the price higher, maintaining the channel's bullish trend.
Bearish Case: A failure to hold the support level may lead to further declines, possibly testing the lower boundary of the channel.
Insights for Traders: Patience is key—monitor the 149.815 zone for signals before committing to a trade. The combination of price patterns and volume data will provide clarity.
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.
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.