USDJPY will grab liquidity then surge!
Pure technical analysis.
USDJPY has penetrated the upper channel of the trendline, but will not shoot straight up. Instead, the price will retrace to the strong traditional support in the 145,000 zone, as the price has had a lot of interaction in this area formerly.
The 145.000 area coincides with the Fibonacci zone between 0.384 and 0.5, as well as the leg E zone of Elliot Waves.
For entry, wait for the price to turn back to this important zone, then take a buy position in the price range of 143.500 to 145.350, then set take profit in the Fibonacci extension zone of 1.272 at the price of 151.000 - 152.000, an area that was also previous resistance.
If it works, continue take profit to 1.618 area as second take profit (154.000 level). Subsequent analysis needed.
Cancel the setup if the price breaks below 143.550 level.
USDJPY has penetrated the upper channel of the trendline, but will not shoot straight up. Instead, the price will retrace to the strong traditional support in the 145,000 zone, as the price has had a lot of interaction in this area formerly.
The 145.000 area coincides with the Fibonacci zone between 0.384 and 0.5, as well as the leg E zone of Elliot Waves.
For entry, wait for the price to turn back to this important zone, then take a buy position in the price range of 143.500 to 145.350, then set take profit in the Fibonacci extension zone of 1.272 at the price of 151.000 - 152.000, an area that was also previous resistance.
If it works, continue take profit to 1.618 area as second take profit (154.000 level). Subsequent analysis needed.
Cancel the setup if the price breaks below 143.550 level.
Order cancelled:
Price just broke upper channel without giving us the sign of pullback. Cancel trade and we're looking for other opportunities next week.