Buy Opportunity
Potential Trade Setup:
Long Position: The analysis suggests a buying opportunity as the price bounces off a strong support zone (154.60).
Entry: Around the current price level of 154.61.
Stop Loss: Placed below the support at 153.50, allowing for some buffer in case of a false breakout.
Take Profit: The target is set at 157.63, which represents a 1.95% upside from the current level.
Risk-Reward Ratio: The setup appears favorable with a potential 3-point move to the upside.
Analysis Breakdown:
Current Price Action:
USD/JPY is currently trading around 154.61, showing a recent pullback after a strong uptrend.
There is a visible bounce from a support area, suggesting a potential continuation of the uptrend.
Volume Profile:
The volume profile highlights areas of significant trading activity. The strongest volume node is observed at the 154.60 level, indicating a potential support zone where buyers may step in.
Support and Resistance Levels:
Support: The nearest support is at 154.60, which aligns with the current price level. Below this, additional support can be seen at 153.50 and 152.23.
Resistance: Key resistance levels are identified at 156.58 and 157.67, with the final take-profit target set at 157.63.
Squeeze Momentum Indicator:
The Squeeze Momentum Indicator is showing green histogram bars, indicating a bullish momentum. However, the histogram bars have started to shrink, suggesting a potential temporary pullback or consolidation.
Long Position: The analysis suggests a buying opportunity as the price bounces off a strong support zone (154.60).
Entry: Around the current price level of 154.61.
Stop Loss: Placed below the support at 153.50, allowing for some buffer in case of a false breakout.
Take Profit: The target is set at 157.63, which represents a 1.95% upside from the current level.
Risk-Reward Ratio: The setup appears favorable with a potential 3-point move to the upside.
Analysis Breakdown:
Current Price Action:
USD/JPY is currently trading around 154.61, showing a recent pullback after a strong uptrend.
There is a visible bounce from a support area, suggesting a potential continuation of the uptrend.
Volume Profile:
The volume profile highlights areas of significant trading activity. The strongest volume node is observed at the 154.60 level, indicating a potential support zone where buyers may step in.
Support and Resistance Levels:
Support: The nearest support is at 154.60, which aligns with the current price level. Below this, additional support can be seen at 153.50 and 152.23.
Resistance: Key resistance levels are identified at 156.58 and 157.67, with the final take-profit target set at 157.63.
Squeeze Momentum Indicator:
The Squeeze Momentum Indicator is showing green histogram bars, indicating a bullish momentum. However, the histogram bars have started to shrink, suggesting a potential temporary pullback or consolidation.
GODO Capital Markets
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.
GODO Capital Markets
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.