USDJPY Breakout Long

FX:USDJPY   U.S. Dollar / Japanese Yen
Been waiting a long time on this setup. USDJPY has just broken out of a huge wedge . The exit coincides with a key zone, which can be used as a confirmation for entry and a guide for stop loss. This pair has also managed to remain above its 89 EMA , suggesting upward momentum. For this trade, strong resistance zones will be used as target prices. If the pair falls back into structure, below its 89 EMA , and/or into support zones, this is a false breakout and the target will be the bottom of the wedge .

SL: 110.11
TP1: 114.58
TP2: 118.68
TP3: 123.63
Trade closed: stop reached: USDJPY is still flirting with the long term structure and in a key zone. There is a potential that it may not breakout soon - instead, rebounding from a key support and the bottom of the structure.


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