USD/JPY Poised for Breakout: Key Levels to Watch
USDJPY USD/JPY Poised for Breakout: Key Levels to WatchAnalysis:
The chart shows the USD/JPY pair on a 4-hour timeframe with multiple indicators and annotations. The price is currently at 157.266, with recent highs and lows marked. The chart includes horizontal support and resistance levels, volume profile, RSI, and a momentum indicator.
Price Action Analysis:
The price has been in an uptrend since mid-October, forming higher highs and higher lows.
Key resistance levels are at 157.406, 158.082, and 158.246.
Key support levels are at 156.744, 154.120, and 153.877.
Smart Money Concepts (SMC):
Break of Structure (BOS) annotations indicate significant price movements.
The price is currently consolidating near the upper resistance levels, suggesting potential accumulation or distribution.
ICT Elliott Wave Analysis:
The price appears to be in the fifth wave of an Elliott Wave cycle, indicating a potential end to the current trend.
A correction might be expected before a new trend begins.
Indicators:
RSI is at 51.93, indicating neutral momentum.
The momentum indicator shows mixed signals with recent green bars suggesting bullish momentum.
Buy Strategy:
Entry: 157.300 (above current resistance)
TP1: 158.082 (next resistance level)
TP2: 158.246 (upper resistance level)
SL: 156.744 (below recent support)
Sell Strategy:
Entry: 156.700 (below current support)
TP1: 154.120 (next support level)
TP2: 153.877 (lower support level)
SL: 157.406 (above recent resistance)
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VIP Signal:
Buy: 157.300 158.082 158.246 156.744
Sell: 156.700 154.120 153.877 157.406
This detailed analysis incorporates multiple trading strategies, including Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave strategies to generate comprehensive buy and sell strategies. The indicators displayed on the chart, such as Fibonacci retracement levels, RSI, and volume profile, support the analysis and identify key levels for entry, take profit, and stop loss.
Alex Gold Hunter
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