USDJPY Long with 2 confluences (Zero Indicators)
Confluences:
1: Weekly Chart trendline breakout
2: Trend is bullish as price seems to be making Higher Lows and New Highs on the Weekly Time Frame
Entry:
We will be looking to enter this trade towards the middle of next week. As we can see by looking at the weekly chart, this is a fresh breakout. There is the risk that price may pull back towards the low of the current week, retest the trendline before continuing bullish.
Lets see how the first half of next week plays out. This will give us a chance to reassess the trade as well as the risk reward ratio. Note that the pair is extremely extended so its best to wait for a Higher Low to form before we can start looking for entries.
1: Weekly Chart trendline breakout
2: Trend is bullish as price seems to be making Higher Lows and New Highs on the Weekly Time Frame
Entry:
We will be looking to enter this trade towards the middle of next week. As we can see by looking at the weekly chart, this is a fresh breakout. There is the risk that price may pull back towards the low of the current week, retest the trendline before continuing bullish.
Lets see how the first half of next week plays out. This will give us a chance to reassess the trade as well as the risk reward ratio. Note that the pair is extremely extended so its best to wait for a Higher Low to form before we can start looking for entries.
Comment:
Looking at the lower time frame (H4) I'm starting to see possible consolidation and exhaustion with candle spikes. This could be a sign that a pullback might be about to take place. The result could be a Higher Low on the higher time frame (Daily Chart. )