📈 USDJPY: Bullish Breakout Mode Activated! (triangle) 🚀📈
The formation of an asymmetrical triangle pattern has caught our attention. This pattern is renowned for its ability to indicate a continuation of the prevailing trend. In this case, the triangle formation suggests that the recent uptrend in USDJPY is likely to persist.
To fully grasp the significance of this setup, let's dissect the recent market dynamics. We observed two distinct phases in USDJPY's journey. First, a strong upward impulsion propelled the pair from 140 to 142. This surge demonstrated the bullish strength behind USDJPY.
Next came a consolidation phase, where price oscillated around the 142 level. This period of consolidation allowed market participants to catch their breath and assess the next move. Now, we find ourselves on the cusp of an exciting development as price breaks above the previous resistance formed during the consolidation phase.
The breakout from the resistance level confirms the resumption of the bullish trend. It signifies the triumph of buyers over sellers, igniting a fresh wave of optimism. The stage is set for USDJPY to continue its ascent, and astute traders will be ready to ride this upward wave.
As we embark on this bullish journey, it's essential to identify our potential targets. On the chart, we have identified three significant levels: 142.500, 143.000, and 143.500. These levels represent key resistance points where price could encounter some hurdles. Remember, it's wise to lock in profits partially at each target, securing your gains along the way.
So I will buy from here at the retest of the previous resistance turning support with tight stop loss. and pretty confident about this trade since the overall momentum on higher timeframe is still bullish, and also knowing that trend continuation setups have high winning rate.
Feel free to share your toughts in the comments section. And don't forget to press the like button if you think this insight was helpful 🚀📈
To fully grasp the significance of this setup, let's dissect the recent market dynamics. We observed two distinct phases in USDJPY's journey. First, a strong upward impulsion propelled the pair from 140 to 142. This surge demonstrated the bullish strength behind USDJPY.
Next came a consolidation phase, where price oscillated around the 142 level. This period of consolidation allowed market participants to catch their breath and assess the next move. Now, we find ourselves on the cusp of an exciting development as price breaks above the previous resistance formed during the consolidation phase.
The breakout from the resistance level confirms the resumption of the bullish trend. It signifies the triumph of buyers over sellers, igniting a fresh wave of optimism. The stage is set for USDJPY to continue its ascent, and astute traders will be ready to ride this upward wave.
As we embark on this bullish journey, it's essential to identify our potential targets. On the chart, we have identified three significant levels: 142.500, 143.000, and 143.500. These levels represent key resistance points where price could encounter some hurdles. Remember, it's wise to lock in profits partially at each target, securing your gains along the way.
So I will buy from here at the retest of the previous resistance turning support with tight stop loss. and pretty confident about this trade since the overall momentum on higher timeframe is still bullish, and also knowing that trend continuation setups have high winning rate.
Feel free to share your toughts in the comments section. And don't forget to press the like button if you think this insight was helpful 🚀📈
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