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The price have been in the bullish momentum for a long time,the 4hr TF still maintaining the HH and HL. Trading idea is long until HL taken out.
Please feel free to drop your idea
The tunnel will broken today, because of the news, in the long- term, UJ will go up to 118, ut right now , it need the retracement, the trend is exhausted, and Japanese session will open.
Break and retest of daily trend line and key support level 114.450 is a trigger to go long. Break above 200EMA, targets set at -61.8 fib at 115.975.
Been watching this USDJPY potential Bat pattern formation now for a week or so. Recently broke 3 levels of structure (green lines) to the downside indicating we will be pressing down to a Bat pattern completion! Probably looking for this to happen early next week but we shall see.
Good Risk Reward on this too if it happens - looking for target 1 and ...
Still bullish on USDJPY. Message me to find out why!
USDJPY has formed a base just below monthly support around 100.052, recent price action would suggest that the pair is in early stages of reversal as a key trend line has also been broken. Price is currently testing monthly resistance at 106.131 a break of this level and we can potentially see this pair reach highs of 111.207 in the not too distance future.
I believe that USDJPY is going to break retest the resistance above. Once a clear new support is found the next target will be the 107.947 level. I have found my target not only through structure, but also through using the fibonacci retracement tool.
Simple technical analysis, with a flag formation on the 4HR chart with a simple breakout and retest i will be looking to enter next week.
On the weekly chart there is a void to fill.
If we get a solid break of 100, there is downside room to stops shown