USDJPY - Trend-Following Buy Setup!

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

As per my last analysis (below) we were looking for sell setups on USDJPY around an over-bought zone.

USDJPY rejected our upper brown trendline and traded lower. Now What?

USDJPY is overall bullish from a medium-term perspective trading inside the orange rising broadening wedge, and it is currently around the lower orange trendline.

Moreover, the green zone is a previous major high.

So the highlighted lower purple circle is a strong area to look for buy setups as it is the intersection of the green support zone and lower orange trendline. (acting as non-horizontal support)

As per my trading style:
Since USDJPY is around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

Meanwhile, if we break the orange trendline downward, USDJPY can still trade lower to test the lower support.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich