Get started
hsquared

USDJPY time to go long

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
hsquared Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Beyond Technical Analysis
4
0
beyondta
USDJPY seems to be in a wedge on the D1 and W1 timeframe. Have been looking for an opportunity to go long in the pair but the previous consolidation surge up too quickly. The latest retracement has brought price down to a suitable entry price and we are looking to long the pair to the top of the wedge.
Comment:
snapshot

USDJPY has been consolidating for a while, a breakout above trendline would be positive for the trade.
Comment:
I will shift the SL to entry, as the consolidation has been going on longer than expected and there seems to be weakness in the buyers.
Comment:
snapshot

Updated chart, SL to shift to entry
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.