USDJPY - 15 Mins BUYKey Observations:
Double Bottom Formation:
The chart indicates the presence of a double bottom (labeled as "Bottom 1" and "Bottom 2"), a strong bullish reversal pattern. This signals that the market could be poised for an upward move after testing and rejecting the same support level.
Support Zone:
The Asian Low around 153.83-153.75 seems to have held, confirming this area as a significant support level.
Price is currently hovering around this level and could be preparing for a bullish reaction.
Accumulation and Manipulation Zones:
The highlighted zones of manipulation during the London and New York sessions suggest smart money behavior. The price could now be accumulating for a potential upward breakout.
Key Levels to Watch:
Immediate Resistance: 154.15 (mid-range resistance) and 154.72.
Further upside targets could align with R1 (155.20) and beyond if momentum supports the move.
Moving Averages:
The shorter-term moving averages are flat, suggesting a consolidation phase.
Break above these averages can serve as a confirmation for bullish momentum.
Volume and Price Action:
A retest and rejection of the support level with increasing volume or a bullish candlestick pattern can further confirm the buy setup.
Potential Buy Strategy:
Entry Point:
Look for a buy entry near the support zone of 153.83-153.75, preferably after the price forms a bullish engulfing candle or shows signs of rejection.
Stop Loss:
Place the stop loss below the double bottom or support zone, around 153.55, to minimize risk.
Take Profit Levels:
First target: 154.15.
Second target: 154.72.
Extended target: 155.20 (R1) if bullish momentum persists.
Confirmation:
Wait for a breakout above the recent consolidation range and ensure the price sustains above 154.00.
