The USD/JPY 15-minute chart exhibits a strong bullish structure, highlighted by powerful impulsive expansion legs pushing higher out of lower base support around 159.320 – 159.289. Price recently experienced a sharp breakout higher, driving through intermediate resistance at 159.644 to test a local high near 159.762. Following this high, price is currently undergoing a slight healthy consolidation near 159.713, staying comfortably elevated above former breakout levels and indicating that buyers remain firmly in control of intraday momentum.
To align with a bullish bias, optimal trade opportunities favor looking for buy entries on minor pullbacks or structural retests rather than chasing price at high levels. The immediate support area near 159.644 acts as the primary intraday retest zone for buyers to defend. Should a deeper retracement occur, the strong support band at 159.468 provides secondary structural protection for long setups. As long as price holds above 159.644, the path of least resistance favors upside continuation, targeting 159.762 initially, followed by the upper supply target zone around 159.850 – 160.000.
To align with a bullish bias, optimal trade opportunities favor looking for buy entries on minor pullbacks or structural retests rather than chasing price at high levels. The immediate support area near 159.644 acts as the primary intraday retest zone for buyers to defend. Should a deeper retracement occur, the strong support band at 159.468 provides secondary structural protection for long setups. As long as price holds above 159.644, the path of least resistance favors upside continuation, targeting 159.762 initially, followed by the upper supply target zone around 159.850 – 160.000.
Note
All target hit and boomed Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.