Hello traders. On this 4H analysis of USDJPY, we have a breakout from a descending channel. Price has recently fallen back to the support level in the 130.800 region and is expected to ascend to the 134.800 region or the 137.800 region. The support level in the 130.800 region would be a good entry point provided that a bullish candlestick pattern is formed.
Trade closed: target reached:
Price has successfully reached our first target. This would be a good opportunity to secure some profits.