Strong rally from 100 - where can it reach?
USDJPY had a nice run following Yellen's speech at Jackson Hole and my bullish trade that was entered near 100 is now up more than 200 pips.
There were few reasons I chose to go long USDJPY last Friday:
1. Psychological level (100)
2. Weekly structure zone
3. Re-test of broken downtrend line (weekly) - Support
4. Re-test of the bottom of a trading channel (see green dashed lines).
See video explaining the setup - goo.gl/TJfJQW
The 50 days MA line is the first target zone and the price is very close to reach it.
It may create a small pullback that will perhaps allow another bullish entry near 100.5-101, but I think that the bullish run is far from over.
Next target zones - Top of the trading channel and later the 200 days MA line.
Tomer, The MarketZone
Subscribe to my mailing lists - goo.gl/YZZfLe
Visit my Youtube Channel - www.youtube.com/c/TheMarketZoneNet
Follow my blog - marketzone.tumblr.com/
There were few reasons I chose to go long USDJPY last Friday:
1. Psychological level (100)
2. Weekly structure zone
3. Re-test of broken downtrend line (weekly) - Support
4. Re-test of the bottom of a trading channel (see green dashed lines).
See video explaining the setup - goo.gl/TJfJQW
The 50 days MA line is the first target zone and the price is very close to reach it.
It may create a small pullback that will perhaps allow another bullish entry near 100.5-101, but I think that the bullish run is far from over.
Next target zones - Top of the trading channel and later the 200 days MA line.
Tomer, The MarketZone
Subscribe to my mailing lists - goo.gl/YZZfLe
Visit my Youtube Channel - www.youtube.com/c/TheMarketZoneNet
Follow my blog - marketzone.tumblr.com/
