USD/JPY LONG(BUY) IDEA

USD/JPY is a recommended BUY — Ascending triangle breakout(if price breaks below triangle pattern — pattern is invalid) —1hr timeframe

Overlays
- Trend line — 134.388
- Fibonacci Level 61.8% — 133.681
- Fibonacci Level 50% — 133.434
- MA30 level — 134.106
- MA60 level — 133.836 (perfect pullback to triangle support level)

Sub indicators
- Stoch RSI ( is in oversold territory - moving averages are in oversold territory - neutral slop )
- Chaikin Money Flow ( indicates participants are participating in the accumulation phase and shows strength in upward movement by staying above mid-point level )

Analysis
- Daily timeframe still have some bullish momentum according to sub indicators but close to overbought conditions
- 2hr timeframe shows a strong buy, possible breakout and strong accumulation on the money flow indicator
- 1hr timeframe technical analysis is displayed and possible entry points are listed above.