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Long

USD/JPY Potential Bullish Three Drives Pattern

FX:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY Potential Bullish Three Drives Pattern

After the long and medium term analysis for USD/JPY on the
weekly and daily time frame, the final analysis for the
short term on the 4 hour time frame is ready.

As previously mentioned in the other two analysis of USD/JPY ,
the key level of support is the 110.30/00 level. On the 4
hour time frame however we could see a bullish trend
continuation IF the 111.20 level holds as support.

Running perpendicular, and a few pips above the 1/3
speed trend line , is a short term bullish support trend line
formed by the lows at 110.59 and 110.73. An adjusted
trend line from 110.73 to 111.10 makes it run
perpendicular to the 2/3 speed trend line . Both indicative
of bullish momentum. As long as price does not close
below 111.20 for the short term, the bullish trend
remains intact.

Only after price closes below the 1/3 speed trend line
is the short term bullish trend over exposing the 108.10
level below. A close above 112.15 this week, however,
would mean a resumption of the overall bullish trend -
please refer to my previous analysis on the weekly time
frame if you havent done so already to see where price
could potentially go from beyond the 112.15 and 113.18
level.

Trade long ( RvR ratio 2:1)
Entry: Close above 111.24
S/L: 110.60
T/P: 112.52

As always, scale out your profits and adjust stop/loss to
suit your personal risk management.

Happy trading

Comments

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