Hi traders! Analyzing USD/JPY on the 1H timeframe, spotting a potential rebound within a descending channel:
🔹 Entry: 144.35
🔹 TP1: 145.59
🔹 TP2: 147.29
🔹 SL: 142.993
Price is currently testing the lower boundary of a well-structured descending channel — a zone that has held as dynamic support multiple times. The RSI is in oversold territory, suggesting the potential for a bullish correction.
If buyers defend this area again, we could see a strong bounce toward the midline and possibly the upper boundary of the channel. Wait for bullish confirmation (e.g., strong candle or volume spike) before entering.
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
🔹 Entry: 144.35
🔹 TP1: 145.59
🔹 TP2: 147.29
🔹 SL: 142.993
Price is currently testing the lower boundary of a well-structured descending channel — a zone that has held as dynamic support multiple times. The RSI is in oversold territory, suggesting the potential for a bullish correction.
If buyers defend this area again, we could see a strong bounce toward the midline and possibly the upper boundary of the channel. Wait for bullish confirmation (e.g., strong candle or volume spike) before entering.
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
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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.
🔥Eleva your trading game with some of the most powerful tools available today: tinyurl.com/3y3cjdx4
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.