USD/JPY: High-Probability Price Action Trades

USDJPY AlexGoldHunter Technical Analysis Using Price Action Techniques
Key Levels and Structures
Support and Resistance Levels:

Swing High: Around 153.758

Swing Low: Around 151.933

Current Price: 153.758

Break of Structure (BOS):

BOS is marked at several points indicating significant price movements breaking previous highs or lows.

Change of Character (CHOCH):

CHOCH is marked indicating a potential reversal in the trend.

Moving Averages
Red Line: Likely a short-term moving average (e.g., 50-period MA).

Yellow Line: Likely a longer-term moving average (e.g., 200-period MA).

Indicators
RSI:

Current RSI is around 62.93, indicating the market is not overbought or oversold.

MACD:

The MACD line is above the signal line, suggesting bullish momentum.

Buy Strategy
Entry Point:

Consider entering a buy position if the price breaks above the recent swing high (153.758) with strong volume.

Confirmation:

Look for a BOS above the swing high and ensure the RSI is not in the overbought territory.

Stop Loss:

Place a stop loss below the recent swing low (151.933) to manage risk.

Take Profit:

Set a take profit at the next significant resistance level or use a trailing stop to lock in profits as the price moves in your favor.

Sell Strategy
Entry Point:

Consider entering a sell position if the price breaks below the recent swing low (151.933) with strong volume.

Confirmation:

Look for a CHOCH indicating a potential trend reversal and ensure the RSI is not in the oversold territory.

Stop Loss:

Place a stop loss above the recent swing high (153.758) to manage risk.

Take Profit:

Set a take profit at the next significant support level or use a trailing stop to lock in profits as the price moves in your favor.

Conclusion
This chart shows a bullish trend with potential for further upward movement if key resistance levels are broken. However, traders should watch for signs of reversal and use appropriate risk management techniques.


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