USDJPY 1H Ending Diagonal Change of Trend
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.
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