UncleBullFX
Long

USDJPY | Quick upside move?

OANDA:USDJPY   U.S. Dollar / Japanese Yen

The price has broken up aggressively, and is currently doing a correction.

Technically, the 38.2% Fibonacci level is acting as a support area right now, with the next one being the 50% retracement level (as seen on chart).

Moreover, based on the bullish price action we have seen in the past few days, we are expecting more upside movement on this pair moving forward if it manages to break the correction trendline .

No pre-defined entry price for this particular setup.
We will enter the trade IF and only IF the price breaks and closes above the correction trendline .
Stops just below the 50% Fibonacci retracement .

Fundamentals to keep an eye on:
1) USD Core Retail Sales m/m ( Fri )
2) USD Retail Sales m/m ( Fri )

Risk only: 2-3%

Good Luck!
Trade active: As we said earlier: " We will enter the trade IF and only IF the price breaks and closes above the correction trendline."
The condition has been met, and thus, the trade is active.

Comments

I strongly believe it will bust through during London. Month long downtrend resistance broken on the 7th, added that the US is opening back up, I don’t see another down trend right now. We’re on the brink of a huge reversal. 🥳📈📈📈📈📈
+1 Reply
Thanks! Good luck all
+1 Reply
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