USD/JPY - Buy on double bottom

Vladislav Brykin Cypher

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

Author

Vladislav Brykin

Cypher

Vladislav Brykin has been active in the financial markets, more specifically in the retail trading and fund management, since 2013. He has consulted and built products and systems for brokerages and investment firms.

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