moneymaking
Long

USDJPY: POTENTIAL BREAKOUT LONG OPPORTUNITY WITH LOW RISK !!!

FX:USDJPY   U.S. Dollar/Japanese Yen
Hello Traders,

We are currently about to get a potential long opportunity on FX:USDJPY             . The market has put in a double bottom at the bottom of a descending channel . Just need to wait for the "Break and Close" above the falling trend line (coloured purple on the chart above). Stops can be placed below the recent red pin bar (labelled on the chart above). I personally have entered long from the 104.00 even handle, little bit aggressive entry since we have not gotten a strong breakout. Seeing the retracement on this pair, the take profit is just a measured move of the previous retracement. We are also getting bullish divergence on the MACD . So overall, the risk here is low and the reward is pretty big, if it works in our favour. See the chart above for all the labels.

!!!PLEASE DO PAY ATTENTION TO BREXIT VOTES GOING ON IN UK RIGHT NOW AND LOOK FOR HOW IT AFFECTS THE US DOLLAR             RELATED PAIRS THROUGHOUT THE DAY!!!

THE VOTING BOOTHS CLOSE AT 10 PM "LONDON TIME" OR 5 PM "US TIME'

DO TRADE WITH CAUTION

That’s all I would like to cover for this trade setup. If you guys have any questions or comments about this trade, feel free to write in the comment section located under this description section. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. All The Best :)

Follow me on Twitter as well: moneymaking2016
Trade active: UPDATE #1: Hey guys, finally got a strong breakout, will hold onto this one till the target is hit !!
Trade closed: stop reached: UPDATE #2: Stop loss reached, too much volatility in markets right now. Be Cautious
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