Let's see what great set-up we have on USDJPY pair.
Ascending trend for the pair USD/JPY continues.
Estimated is at a level of 108.71.
Main scenario: long positions will be relevant from corrections above the level of 108.71 with a target of 110.80 to 112.10.
Alternative scenario less possible :breakout and consolidation below the level of 108.71 will allow the pair to continue declining to a level of 106.90.
1.We have a rounded bottom and a possible a formation as i show with the blue arrows based on previous price action.
2.We can also notice the huge selling as i show with the green arrow at these levels that indicates we are about to see a big retracement from these levels or a breakout to the upside immediately.
3.We can see also that the ichimiku clouds are coinciding with the expecting move as we broke the to the upside and now we are expecting a re-test of the clouds,the top of the cup and the based on price action which all these are the same thing.
4.Important as i show with the arrows based on previous price action and top of the cup.
ENTRY AT 107.80
STOP LOSS AT 106.10
TARGET AT 110.80 TO 110.20 AREA
THANKS FOR SUPPORT!!
KEEP FOLLOWING FOR MORE PROFITS!!
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