USDJPY LONG - To Hit Top of Triangle - 110.00
USDJPY appears to be in the midst of a trending market, with a series of higher lows and higher highs. USDJPY has just hit a key resistance level of 109.00 . This level of resistance was confirmed running from May 2019-July2019.
As we usually see in markets, we may see an S/R flip, where this resistance now becomes a new support. The market looks like it has made a break-and-retest of the level indicated by the blue arrows. There is a bullish pin bar candle forming on the daily timeframe, further confirming bullish momentum. Lastly, zooming out on this chart and possible switching to a higher timeframe, we can see a large-scale triangle formation, which we are approaching the top of.
My entry is @109.00 with SL just below the low of the daily pin bar @108.82 and my target is at the top of the triangle @110.00
As we usually see in markets, we may see an S/R flip, where this resistance now becomes a new support. The market looks like it has made a break-and-retest of the level indicated by the blue arrows. There is a bullish pin bar candle forming on the daily timeframe, further confirming bullish momentum. Lastly, zooming out on this chart and possible switching to a higher timeframe, we can see a large-scale triangle formation, which we are approaching the top of.
My entry is @109.00 with SL just below the low of the daily pin bar @108.82 and my target is at the top of the triangle @110.00
Trade closed: stop reached:
Hit the Stop Loss