USDJPY - BULLISH BREAKOUT TO POTENTIAL D COMPLETION

This morning we were able to capture 1st targets on a USDJPY potential bullish breakout and I wanted to stop by for a second & talk about secondary opportunities to get involved as well.

Now before we get started please understand that it was a little difficult to fit the entirety of this trade idea on to the chart as multiple timeframe analysis was involved, but I'll try my best to explain what I'm looking at. However, for reference, you may want to check out a recent video I did titled " Using The ABCD Pattern" as it walks you through the initial process of why I was looking to get long.

Now that we've broken previous structure highs with a confirmed break & close above, we can make the prediction that price action is likely to continue higher. Where to? Well only the market knows that & seeing how today is election day, anything can happen. But based purely off of the technicals my prediction would be a move to retest the previous shoulder line of the head and shoulders top that we saw back in mid October. (See linked chart below)

If I weren't involved already, my way of looking to get involved would be waiting for the market to provide us with some relief in the form of a pullback & then look to catch the next extension higher.


Your Trading Coach - Akil

Comment:

Stopped out for the 2nd half of my position for breakeven on the election maddness