Akil_Stokes
Long

USDJPY Pennant Pattern Breakout

FX:USDJPY   U.S. Dollar/Japanese Yen
Syndicate members there will be a video coming out on this shortly, but I wanted to share with you guys a potential breakout trade that I have on my radar this Tuesday Morning             .

If you're unsure on the different ways to trade these types of simple consolidation pattern you can check out the video I posted 2 weeks ago titled "How To Trade Breakouts"

But there is a lot of potential upside on this trade especially when you consider the levels of structure that we have just broken & the next levels of potential resistance that lie on the daily around the 111 even handle.
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I do not see any news stopping this trend up until 111. With a break above it and possible +ve dollar momentum we are looking at 115..
+1 Reply
@fcml, Nice! Thanks for sharing your opinion on the pair!!
Reply
Superb Idea. Wonderful.Thinking how did i miss analyzing this.
+1 Reply
@ysspavan, Thank you
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Yka7 Akil_Stokes
@Akil_Stokes, to where we are going up sir?
+1 Reply
@Yka7, I have no idea on where the market will go up to. The market tends to do whatever it wants to when it wants to. All I can do is try to make the best predictions possible (which I showed on the chart and in the description box above)
+2 Reply
Pacorretaco Akil_Stokes
@Akil_Stokes, I'm not an expert, but chances are it does not go much further than the 1.27

I'd roll my stops to positive, as I see a potential move to the downside for the USD.

Cheers
+1 Reply
Akil_Stokes PRO Pacorretaco
@Pacorretaco, Nice! Trade management is a key factor is successful trading
+1 Reply
Pacorretaco Akil_Stokes
@Akil_Stokes, Well, looks like it's one of those times where I'm happy for being wrong. Big profits.
The downside I saw for the USD is still there though.

Cheers
+1 Reply
Akil_Stokes PRO Pacorretaco
@Pacorretaco, Why are you happy about being wrong?
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