Hello Traders,
Here’s a breakdown of a potential bullish setup forming on the JPY chart. Let’s walk through the key technicals:
1. Market Structure:
We initially saw a Break of Structure (BOS), followed by a consolidation phase.
The market formed an ascending channel, which eventually broke down with strong momentum.
A pullback occurred after the drop, but price resumed its downward trend and touched a major support zone.
2. Current Price Action:
Price recently bounced off the lower boundary of the long-term descending channel, indicating potential support.
We are currently seeing signs of a bullish reversal, with higher lows forming.
A minor retracement or consolidation is expected before a potential breakout to the upside.
3. Key Levels to Watch:
Support: 141.812 and 140.205
Resistance: 145.751, 148.322, and final target at 150.935
If price holds above 141.812 and breaks 145.751, we could see a strong continuation to 150+ levels.
4. Strategy:
Watch for a confirmation bounce from 141.812 or a bullish breakout above 145.751.
Consider long positions only after confirmation and manage risk wisely.
This setup reflects potential bullish momentum after a strong correction phase. Stay patient and wait for clean confirmations.
Here’s a breakdown of a potential bullish setup forming on the JPY chart. Let’s walk through the key technicals:
1. Market Structure:
We initially saw a Break of Structure (BOS), followed by a consolidation phase.
The market formed an ascending channel, which eventually broke down with strong momentum.
A pullback occurred after the drop, but price resumed its downward trend and touched a major support zone.
2. Current Price Action:
Price recently bounced off the lower boundary of the long-term descending channel, indicating potential support.
We are currently seeing signs of a bullish reversal, with higher lows forming.
A minor retracement or consolidation is expected before a potential breakout to the upside.
3. Key Levels to Watch:
Support: 141.812 and 140.205
Resistance: 145.751, 148.322, and final target at 150.935
If price holds above 141.812 and breaks 145.751, we could see a strong continuation to 150+ levels.
4. Strategy:
Watch for a confirmation bounce from 141.812 or a bullish breakout above 145.751.
Consider long positions only after confirmation and manage risk wisely.
This setup reflects potential bullish momentum after a strong correction phase. Stay patient and wait for clean confirmations.
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Related publications
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.
🔥 Join Now for Free
t.me/JackMastermindGT
📢 Join My Telegram channel Daily Free Signals Vip Group available Daily Signals XAUUSD BTCUSD USOIL 3/4 confirm Join VIP Group Accuracy 85%+
🔥 Join Now for Free: t.me/JackMastermindGT
t.me/JackMastermindGT
📢 Join My Telegram channel Daily Free Signals Vip Group available Daily Signals XAUUSD BTCUSD USOIL 3/4 confirm Join VIP Group Accuracy 85%+
🔥 Join Now for Free: t.me/JackMastermindGT
Related publications
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.