JohnCameron93
Long

USDJPY 1H Ending Diagonal Change of Trend

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
1H Ending diagonal leading to potential upward swing in the trend. RSI (14) signalling unconfirmed recent lows with bullish divergence .

Stop placement at 109.90 level (recent lows)
Long breakout over 111.00 (outside the ending diagonal )
Profit Target at 114.37 (the most recent 1H/ 1D pivot high)

Preferably price will break upwards out of the ending diagonal and close with price consolidating around the 111.00 level into a bullish flag pattern (buyers holding to the highs).

If there is further continuation of the downtrend within the ending diagonal under 109.90 I will cancel the trade.

An upwards breakout may also provide great opportunities for bullish intra-day trading over the coming month.


Trade closed: stop reached
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