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Blackhole-Trading

USDJPY - Breaking Out of Falling Wedge

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
Blackhole-Trading  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators USDJPY usdjpylong usdjpyanalysis Falling Wedge
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trendanalysis chartpattern indicator usdjpy usdjpylong usdjpyanalysis fallingwedge
USDJPY on 1H timeframe seems to have broken out of falling wedge and is testing resistance-turned-support line now. The orange dashed line shows resistance based on previous candles and is near to a crucial FIb level of 38.2%. A good entry would be when a candle closes above the orange dashed line (at 109.239). And the target can be the next crucial Fib level of 109.504. RSI seems to have broken out of downtrend line as well.

Entry - 109.240
Target - 109.500
Stop-loss - 109.120
Risk vs Reward - 1:2

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