USDJPY Weekly S/R| VAL| Psfp| Price Action

2 בפבר׳ 2023

Evening Traders,

Today’s analysis – USDJPY – trading at a key level of support where a bounce towards the highs is probable,

Points to consider,
- Price Action corrective
- Daily S/R support
- VAL Support
- Channel low

USDJPY’s immediate price action is trading towards an area that is in technical confluence with the .618 Fibonacci, Weekly S/R, VAL and the Psfp, allowing for a bullish bias.

Breaking out of the current channel will signify a change in market structure, this will mean a new higher high.

The immediate objective is the Daily S/R, exceeding this level will lead to high targets.

Overall, in my opinion, USDJPY is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps!,

Thank you for following my work

And remember,

Trading is mostly a waiting game. if you want action that happens on your own terms, you’re in the wrong field.