Hi Traders! We have USDJPY bullish opportunity after pullbacks. A detailed analysis of this potential buy setup is as follows:
USDJPY Daily Chart:
On the daily chart the price is moving inside a channel, this channel is formed by the uptrend line and an alternative trend line. The price which is respecting this channel so far has currently reached the bottom of this channel and is moving higher. We may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
USDJPY H4 Chart:
On the H4 chart we had two false breaks at the bottom of the channel with bullish divergence, which we may consider as evidences of bullish pressure. Currently the price has also created higher highs, hence we may now look for pullbacks to happen towards the critical zone shown in the screenshot. Once the pullback completes itself, we may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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