USD/JPY Forecast: Preparing for a Bullish Bounce

USD/JPY has recently broken the Daily Bull Flag to the upside & made a nice rally. Then it made a large bearish correction (According to 4 Hr time-frame) and now it seems it’s ready to make another bullish bounce.


Moreover, the 1 Hr chart is also supporting the validity of the bullish bounce. The pair created a “Bull Flag” on the 1 Hr Chart and it seems it has completed 50% Fibo-Retracement of the latest swing. I’m waiting for the price to break the Flag Resistance to the upside & re-test it. Then I’ll push the buy button targeting 115.48, which is a Confluence of resistance including 1.618 Fibo Expansion of the latest swing.


I am also waiting for a good buying opportunity here, now we are in a daily range (from 115.93 to 111.65 level)! I’m interested to buy this pair with a low rate (around 111.65 level), on the other hand, if market breaks 115.93 and retest then I’ll be open a buy trade here! Otherwise I am not interested to buy trade range, thank you!

I have a short-term short position with TP 111.00. It’s range-bound, but I might as well use that while waiting for the bigger movement to begin.