USD/JPY) support level back up Read The Chaptian

13 Mei

SMC Trading point update



Technical analysis of USD/JPY on the 4-hour timeframe suggests a bullish setup with the following key insights:

Analysis Overview:

1. Current Price: 147.492


2. Support Zone: Around 145.263 to 146.000

Marked as "Support Level / FVG" (Fair Value Gap), this is the potential demand zone where the price may retrace before bouncing.



3. Trendline: An ascending trendline is supporting the bullish structure.


4. EMA 200: Price is trading above the 200 EMA (145.263), which is generally a bullish signal.


5. RSI Indicator:

RSI is near overbought levels (currently at 63.46 and 70.56), suggesting strong bullish momentum but a potential pullback.



6. Target Zone: 151.360

Highlighted as the "Target Point" – this is the resistance area where price might face selling pressure.


Mr SMC Trading point


Trade Idea:

Entry: Buy on retracement into the support zone (around 145.5–146.0).

Stop Loss: Below the support zone or EMA (around 144.800 or as per risk tolerance).

Take Profit: Near the target zone around 151.360.

Risk-to-Reward: Favorable, approximately 1:2.5 to 1:3 depending on the entry.


Conclusion:

The idea is based on price respecting support, fair value gap (FVG), bullish structure, and a target based on recent price projections. If the price respects the support and bullish trendline, the bullish continuation towards 151.360 is a valid expectation.




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