"USD/JPY 4H Chart – Bullish Reversal Setup at Key Support Leve
. Support Level
The horizontal blue zone marked as "SUPPORT LEVEL" indicates a strong area of previous buying interest. The price has tested this level and bounced off, suggesting it may hold again.
2. Moving Averages
50 EMA (red) is currently below the 200 EMA (blue), signaling a broader bearish trend.
However, the price is testing the support level, potentially indicating a short-term reversal.
3. Potential Long Setup
The chart shows a long trade setup:
Entry: Near the current price around 143.243.
Stop-Loss: Just below the support level (~142.192–140.901 area).
Take-Profit: Marked at ~148.717, which is a significant previous resistance point.
4. Risk-Reward Ratio
The green area shows a large potential reward relative to the red risk area, indicating a favorable risk-reward ratio (approximately 3:1 or more).
5. Considerations
Bullish Reversal: The setup suggests a potential bullish reversal if the support holds.
Trend Caution: The overall trend is still bearish, so this might be a counter-trend trade unless confirmation (like breaking the 200 EMA) occurs.
Summary:
This chart suggests a bullish trade idea from a major support zone with a good risk-reward ratio. Confirmation with price action (bullish candlestick patterns or breaking above the EMAs) would strengthen this setup.
The horizontal blue zone marked as "SUPPORT LEVEL" indicates a strong area of previous buying interest. The price has tested this level and bounced off, suggesting it may hold again.
2. Moving Averages
50 EMA (red) is currently below the 200 EMA (blue), signaling a broader bearish trend.
However, the price is testing the support level, potentially indicating a short-term reversal.
3. Potential Long Setup
The chart shows a long trade setup:
Entry: Near the current price around 143.243.
Stop-Loss: Just below the support level (~142.192–140.901 area).
Take-Profit: Marked at ~148.717, which is a significant previous resistance point.
4. Risk-Reward Ratio
The green area shows a large potential reward relative to the red risk area, indicating a favorable risk-reward ratio (approximately 3:1 or more).
5. Considerations
Bullish Reversal: The setup suggests a potential bullish reversal if the support holds.
Trend Caution: The overall trend is still bearish, so this might be a counter-trend trade unless confirmation (like breaking the 200 EMA) occurs.
Summary:
This chart suggests a bullish trade idea from a major support zone with a good risk-reward ratio. Confirmation with price action (bullish candlestick patterns or breaking above the EMAs) would strengthen this setup.
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Join My Official Channel Link
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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.