JallenForex
Long

USDJPY | High reward low risk Long Trade

FX:USDJPY   U.S. Dollar / Japanese Yen
Theory
USDJPY has been trading in a bullish corrective triangle pattern on the weekly chart for a while now & the E wave upwards is in play.

We are expecting overall bullish price action to occur for huge profit targets of 200+ pips (possibility of further extension).

This chart
This chart is showing a nice long trade setup on the 4H timeframe.

Using a schiff pitchfork we have mapped a trend channel that we will use to find a safe entry upon a break & retest of a small resistance level .
With a stop below the centre median line /most recent low we have the ability to catch a trade with huge profit potential with a tight stop loss.

Updates will be posted as the trade progresses.
Trade closed: target reached

Comments

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