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USD/JPY
Buy
• SL Hit
• Updated 2 weeks ago
Description
The USD/JPY pair is maintaining a strong Bullish bias on the 4-hour chart. Following a successful retest of the previously broken structure (now acting as support in the 157.500 area), price action has aggressively pushed back toward the upper range.
The technical setup indicates a trend continuation as price remains positioned above the primary moving averages. A decisive close above 159.900 will provide the necessary confirmation for a move toward the major targets of 160.900 (TP1) and 161.600 (TP2). The RSI is currently recovering from the midpoint and trending upward, which supports the potential for further Bullish momentum. Traders should look for this breakout to confirm the next leg of the uptrend.
The technical setup indicates a trend continuation as price remains positioned above the primary moving averages. A decisive close above 159.900 will provide the necessary confirmation for a move toward the major targets of 160.900 (TP1) and 161.600 (TP2). The RSI is currently recovering from the midpoint and trending upward, which supports the potential for further Bullish momentum. Traders should look for this breakout to confirm the next leg of the uptrend.