kfrivaldo
Long

USDJPY Weekly Analysis Feb 27-Mar3

FX:USDJPY   U.S. Dollar / Japanese Yen
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1
A better risk-reward trade setup is to wait for the price to reach 110.00 and a good buy opportunity awaits.

SL @ 108.81
Buy limit @ 110.00
TP @ 114.90

Alternative trade would be
SL @ 116.52
Sell limit @ 114.95
TP @ 1
Comment: our trade setup did not trigger, instead it triggered the alternative setup whereby the market goes and is currently in a resistance zone where we expect to hold. If we entered @ 112.14 (alternative setup), we could have reached a 162 pips trade but it is currently in 67 pips profit.

If the resistance holds for next week, we can expect that the market will retest the recent support 111.74 (TP1) and potentially go to 110.10.

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