Theory
USDJPY has been trading in a bullish corrective triangle pattern on the weekly chart for a while now & the E wave upwards is in play.
We are expecting overall bullish price action to occur for huge profit targets of 200+ pips (possibility of further extension).
This chart
This chart is showing a nice long trade setup on the 4H timeframe.
Using a schiff pitchfork we have mapped a trend channel that we will use to find a safe entry upon a break & retest of a small resistance level.
With a stop below the centre median line/most recent low we have the ability to catch a trade with huge profit potential with a tight stop loss.
Updates will be posted as the trade progresses.
USDJPY has been trading in a bullish corrective triangle pattern on the weekly chart for a while now & the E wave upwards is in play.
We are expecting overall bullish price action to occur for huge profit targets of 200+ pips (possibility of further extension).
This chart
This chart is showing a nice long trade setup on the 4H timeframe.
Using a schiff pitchfork we have mapped a trend channel that we will use to find a safe entry upon a break & retest of a small resistance level.
With a stop below the centre median line/most recent low we have the ability to catch a trade with huge profit potential with a tight stop loss.
Updates will be posted as the trade progresses.
Trade closed: target reached