Trading Symbol: USDJPY
Timeframe: 15 minutes (15m)
Overall Review:
The USDJPY chart on the 15-minute timeframe indicates that the price is in a downtrend.
The price appears to be consolidating near the support level.
Key Points:
Resistance Levels:
The main resistance is around 147.624. This level acts as a ceiling, and the price may decrease if it encounters this area.
The next resistance is around 148.000, which is a significant psychological level.
Support Levels:
The primary support is around 147.000. This level acts as a floor, and the price may increase if it reaches this area.
The next support is seen around 146.500, which could be the next target for sellers if the previous support is broken.
Possible Scenarios:
Bearish Scenario:
If the price fails to break through the resistance level of 147.624 and decreases after encountering this area, there is a possibility that the downtrend will continue to the support level of 147.000.
Traders can consider selling near the resistance and after receiving confirmation, while practicing risk management.
Bullish Scenario:
If the price can break through the resistance level of 147.624 and consolidate, there is a possibility of the price increasing to the 148.000 level.
Traders can consider buying after the resistance is broken and a pullback occurs, while practicing risk management.
Recommendations:
Always practice risk management and use stop-loss orders.
Before entering a trade, review fundamental factors and news related to USDJPY.
Keep in mind that the forex market is very volatile, and analyses may change in the short term.
Note: This analysis is just a perspective and should not be considered financial advice. Always do your own analysis and consult with a financial advisor before making trades.
Trade closed manually
Do it according to the risk-free chart.
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.