USD/JPY) Bullish trand analysis Read The ChaptianSMC Trading point update
Technical analysis of USD/JPY on the 2-hour timeframe, and it presents a bullish continuation setup. Here's a breakdown of the key elements and the idea behind the analysis:
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1. Ascending Channel Formation
The price is trading within an ascending channel, suggesting a controlled uptrend.
Higher highs and higher lows confirm the trend structure.
2. Key Support and Fair Value Gap (FVG)
There’s a well-identified support level where price has bounced before (highlighted in yellow).
A Fair Value Gap (FVG) zone is marked slightly above the support level, which could act as a short-term demand area.
Price is currently pulling back into this zone, potentially setting up a buying opportunity.
3. EMA 200 Support
The 200 EMA (~143.78) is acting as dynamic support just below the current price.
If price drops further, this level may offer strong technical support.
4. RSI Momentum
RSI is above 50 (currently 56.37), supporting the bullish trend and showing room for continued upside.
5. Target Point
The chart anticipates a bounce off the support/FVG zone and a rally toward the upper boundary of the channel, targeting 147.153.
Mr SMC Trading point
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Summary of the Idea:
This is a bullish continuation setup within an uptrend channel. The analyst expects a potential long entry around the FVG/support zone, with a target at the channel top (147.15). Confluence from the EMA 200, RSI, and previous structure supports this bullish bias.
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