The_Greek_Trader

POSSIBLE CUP AND HANDLE FORMATION AND CONTINUATION ON USDJPY!

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Hello traders,i hope you all had a profitable trading week as we had a pretty busy week including NFP and a lot of volatility .
Let's see what great set-up we have on USDJPY pair.

Ascending trend for the pair USD/JPY continues.
Estimated pivot point 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.

TECHNICAL OBSERVATIONS
1.We have a rounded bottom and a possible a cup and handle formation as i show with the blue arrows based on previous price action.
2.We can also notice the huge selling volume 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 bullish breakout to the upside immediately.
3.We can see also that the ichimiku clouds are coinciding with the expecting move as we broke the ichimoku clouds to the upside and now we are expecting a re-test of the clouds,the top of the cup and the support level based on price action which all these are the same thing.
4.Important support level as i show with the arrows based on previous price action and top of the cup.

POSSIBLE TRADE
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!!
PLEASE DON'T HESITATE TO LEAVE A COMMENT OR A QUESTION!!/b]
Trade active
Comment: This is so beautiful..Price behaved exactly as expected..
Trade closed: target reached

Comments

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