This chart represents a potential trading setup for the USD/JPY pair on the 1-hour timeframe. Here's a breakdown of what it's showing:
Support and Resistance Zones:
Lower pink zone (~142.50 area): Acts as support.
Upper pink zone (~144.40 area): Acts as resistance / take profit target.
Highlighted Circles: Indicate key swing highs and lows, used to mark structure and validate the zones.
Pattern: The red arrows illustrate a possible bullish reversal pattern, where price is expected to bounce off the lower support and head back up to the resistance zone.
Plan:
Enter long near the support zone (~142.50).
Target the resistance zone (~144.40) for take profit.
The current price is 143.174, suggesting the setup may still be forming.
Would you like help turning this into a trade plan with entry, stop loss, and take profit levels?
Support and Resistance Zones:
Lower pink zone (~142.50 area): Acts as support.
Upper pink zone (~144.40 area): Acts as resistance / take profit target.
Highlighted Circles: Indicate key swing highs and lows, used to mark structure and validate the zones.
Pattern: The red arrows illustrate a possible bullish reversal pattern, where price is expected to bounce off the lower support and head back up to the resistance zone.
Plan:
Enter long near the support zone (~142.50).
Target the resistance zone (~144.40) for take profit.
The current price is 143.174, suggesting the setup may still be forming.
Would you like help turning this into a trade plan with entry, stop loss, and take profit levels?
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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.
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.