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Nixxflixx

Double bottom for USD/JPY. Possible long for Dollar?

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
Nixxflixx  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns USDJPY Double Bottom riskreward
5
1
trendanalysis chartpattern usdjpy doublebottom riskreward
snapshot

Daily chart on the USD/JPY seems to give out a couple of signals that could be worth a long dollar trade. On the chart above, the 'U' shape for a possible Cup and Handle pattern might be shaping, combined with a double bottom at the 107.80 area are giving me the confidence to enter this trade. The fib. retracement just above the 61.8% is the reinforcement I was looking for.

Entering the trade 108.63, with a stop loss @ 108.15 and a take profit @ 109.50.

Good luck
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