The808Trader

USD to Recover? - USD/JPY Ichimoku Long Trade Setup

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
For this pair we've gotten some mixed signals but overall it is trying to head back to bullish. This setup is going to take some time to validate so it's more of a futurecast vs something we can try to hop in right away. I need a couple more confirmations to help confirm this bullish bias include a bullish kumo twist and a bullish kumo breakout. We're still a little ways from that but I want to watch this one develop as the longer term bullish implications may carry us a ways if we get it. I've drawn my entry at a flat kumo area which signifies a significant level of support and resistance. An alternative entry if we fail to rise that high is to enter on a bullish kumo breakout where my stop loss currently is, so we'll have to watch to see how this progresses. If we can get those confirmations I'll look to get long, and I've drawn out my longer term target as well as some partial take profit levels to aim for along the way. If we fail to get my final confirmations or break through resistance, this setup may become invalidated.

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