USD/JPY Trading Analysis (02/08/2024)

The RSI indicator demonstrates oversold condition on the D1 timeframe. Bears had tested the lower boundary of the ascending price channel. The downward truncated wave structure finished with the breach of the sloping channel. There is a bullish divergence on the Awesome Oscillator. The entry point at the pullback B with the truncated C is forming.

Trading idea:

• Buy at the breach of 149.770.
• Stop-loss at 148.80.
• Price targets at 150.800 and 155.00.          

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