UnknownUnicorn772665

USDJPY Long Trade Setup *TL break*

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Nice simple trendline break and trend reversal trade.

You can see the previous bearish 4hr trend and trendline has been reversed with a higher high made and now a higher low forming on the 4hr chart. If this new low holds then I can see price climbing up to 108.800/109.00 levels.

0.50 Fibonacci retracement level held strong on this last pullback and strong USD momentum seems to be coming in right now.
Trade active
Comment: Nice bullish momentum now, Price approaching recent highs @ 107.760
Comment: TP1 reached @ 108.00. Taken some profits, this trade is now risk free
Comment: Lower high forming at resistance this morning. I would lock in some more profits right now and await the next momentum move.

Comments

I would see 107.9 being an area of resistance from back in April. Break through that and your target is very likely. Where do you see an sl, around 106.000?
+1 Reply
@paulbt38, 106.250 for the stop loss. Keeps it below the previous support before the last lows were made.
+1 Reply
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