USDJPY
Price broke and closed above the 108.50 near-term resistance level(which is now acting as near-term support) and has formed a nice tailed bar rejecting the near-term support level & closed above the 150 exp. Also the tailed bar is rejecting the 23% fib level of the daily swing higher!!!
Factors of confluence supporting the Buy idea are given below :
1. Taking long means going in-line with the daily dominant bullish trend.
2. The buy idea goes in-line with the weekly near-term momentum & short-term trend as well.
3. A tailed bar formed from near-term support level 108.50 level also rejecting the 23% retrace level & closed above the 150 exp.
4. EMA's (Short term) , in-line with the buy call as they are confirming the bullish near-term momentum
5. A price action Setup available
6. 1:3 R:R available
NOTE : A confirm break and close above the 108.90 near-term resistance could see prices breakout of recent sideways congestion & activate a short-term uptrend.
So below given is the trade idea :
Entry @ 108.60 (Order filled)
Sl @ 108.20 ( a good tight Stop available )
TP @ 109.80
R:R available : 1:3
TRADE IS ACTIVE
Price broke and closed above the 108.50 near-term resistance level(which is now acting as near-term support) and has formed a nice tailed bar rejecting the near-term support level & closed above the 150 exp. Also the tailed bar is rejecting the 23% fib level of the daily swing higher!!!
Factors of confluence supporting the Buy idea are given below :
1. Taking long means going in-line with the daily dominant bullish trend.
2. The buy idea goes in-line with the weekly near-term momentum & short-term trend as well.
3. A tailed bar formed from near-term support level 108.50 level also rejecting the 23% retrace level & closed above the 150 exp.
4. EMA's (Short term) , in-line with the buy call as they are confirming the bullish near-term momentum
5. A price action Setup available
6. 1:3 R:R available
NOTE : A confirm break and close above the 108.90 near-term resistance could see prices breakout of recent sideways congestion & activate a short-term uptrend.
So below given is the trade idea :
Entry @ 108.60 (Order filled)
Sl @ 108.20 ( a good tight Stop available )
TP @ 109.80
R:R available : 1:3
TRADE IS ACTIVE
Trade closed: stop reached
