USD/JPY testing support line - Opportunity to go Long!
Hey guys - In this chart you can see that USD/JPY is supported by a strong horizontal support and a potentially strong upward trend-line. Keep an eye on this key area for your entries.
My entry will be at 111.7 - I will be looking for a take profit of 114.0, however it has potential to rise higher than my TP - I will place my stops just below this support zone at roughly 111.3.
Although this technical analysis seems to be pointing in one direction - BE CAREFUL - We do not yet know whether the dollar has finished its correction cycle.
This is not investment advice. Losses can exceed initial deposits in trading. Good luck!
My entry will be at 111.7 - I will be looking for a take profit of 114.0, however it has potential to rise higher than my TP - I will place my stops just below this support zone at roughly 111.3.
Although this technical analysis seems to be pointing in one direction - BE CAREFUL - We do not yet know whether the dollar has finished its correction cycle.
This is not investment advice. Losses can exceed initial deposits in trading. Good luck!
Trade active:
We can see a strong pin-bar rejection from the 111.6 level - I have opened a long trade