This is an update to the update on a previously an idea was posted that Yen hav a potential to breakout on the side
( USDJPY > 3 Simple Reasons to Prepare for a BreakOut)
The stated Breakout Entry Condition is for price to convincingly trade and sustain above 119.90.
Based on the current price action, I judged that the condition has been met and the Break Out is now Confirmed.
Currently, we can see price retracement sustaining above 120.00 and a minor forming at the lower time frames.
Hence from my point of view, current levels are attractive for entry.
For those long term traders can look at 129.00 as a general objective.
Medium Term Traders can generally look at taking profit partially bit by bit, as price reaches the following levels:
Take Profit Level 1: 121.00
There is always a chance of a false breakout, or the chart pattern evolving from a Triangle to a sideways consolidation pattern.
Therefore taking partial profit at around 121.00 may be a prudent step to take.
Take Profit Level 2: 123.00
Take Profit Level 3: 125.00
There is always the risk of a false breakout, where price fakes a move above 119.90 and falls back into consolidation mode.
There is also the risk of averse price movement due to unexpected announcements by Central Banks.
A classic example will be the recent Swiss National Bank's decision to remove EUR/CHF Cap.
Descending Triangle> http://thepatternsite.com/dt.html
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