CVecchioFX3e
Long

USD/JPY Breaking Through Two-Month Resistance

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             has been mired below ¥124.60/65 since June 9, when on the H4 timeframe an outside engulfing/key reversal bar transpired. However, for the first time in two months, USDJPY             has pierced the topside resistance band, clearing out ¥124.60/65 after the stronger than expected US ISM Services report for July. With the H4 indicators (Stochastics and MACD ) turning higher into bullish territory and aligning with momentum on the daily timeframe (offering up "full time frame continuity") we could very-well be on the cusp of the next leg up in USDJPY             . Look to US yields to firm up as confirmation.
thx for sharing... 5 days i announced the long trade idea: At this moment the Long Position got filled: If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.

Preparation for Flag-Trade
shortterm flag trade: entry 124,55 / Initial SL: 123,85 / TP: 125,5-125,7
middleterm flag trade: entry 124,55 / Initial SL: 122,75 / TP: 129

Pair with bullish FLAG
Y€$ - the widge got triggered and bought! This pushed the pair to its last high @ 124.42. From reaching this high a chealthy consolidation started, the pullback stopped @ 38,2 fibo - the minimal correction level!
This consolidation is forming a bullish flag (blue). The buying signal is active when the pair is traded above 123,9 / 124,45. I see potential on the upside.
On the downside, the level between sma 200& ema 200 should be a strong support.
Prices below this level will turn the chart into bearish (middleterm)

Will the support @121,5 hold and the bullish wedge be triggered?
Will the support @ 121,5 hold and the bullish wedge be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the EMA 200 a drop till the longtermtrend @ 113,6 could be exspected.
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.

Introduction into 1-2-3 Trading Pattern

The (psychological) origin of a flag
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