USD/JPY - Buy on double bottom
|USD/JPY Possible Buy
USDJPY has been consolidating since the 11 of June, between the 106.600 and 107.500 levels which seems to be a supply zone for the pair.
A significant candle-body close above 107.500 could signal a new upwards momentum and validate the double-bottom that seems to be forming on the 4 HR chart.
We will look for CSI on the 4 HR (and lower) chart around the 107.500 price and, if present, we would look at buy orders at market price.
The upwards move is met by immediate resistance at 107.800 and further at 108.300 (50% Fibonacci retracement of previous down-leg.)
Should we not receive any CSI around the 107.500 mark or should price break 106.600 (to the downside) we will consider the trade void.
Key Support level (Stop-loss): 106.600
Entry: 107.500
Key Resistance Level (take-Profit): 108.300
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