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UnknownUnicorn772665
May 14, 2020 11:30 AM

USDJPY Long Trade Setup *TL break* Long

U.S. Dollar/Japanese YenFXCM

Description

Nice simple trendline break and trend reversal trade.

You can see the previous bearish 4hr trend and trendline has been reversed with a higher high made and now a higher low forming on the 4hr chart. If this new low holds then I can see price climbing up to 108.800/109.00 levels.

0.50 Fibonacci retracement level held strong on this last pullback and strong USD momentum seems to be coming in right now.

Trade active

Comment

Nice bullish momentum now, Price approaching recent highs @ 107.760

Comment

TP1 reached @ 108.00. Taken some profits, this trade is now risk free

Comment

Lower high forming at resistance this morning. I would lock in some more profits right now and await the next momentum move.
Comments
paulbt38
I would see 107.9 being an area of resistance from back in April. Break through that and your target is very likely. Where do you see an sl, around 106.000?
UnknownUnicorn772665
@paulbt38, 106.250 for the stop loss. Keeps it below the previous support before the last lows were made.
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