The descending channel formation on the daily chart of USD/JPY provides an opportunity to trade a bullish breakout. The channel's borders are marked with the yellow lines. The potential entry level is shown with the cyan line. The potential take-profit level is marked with the green line. I will set my stop-loss to the low of the breakout bar (not shown on the chart). I will ignore bearish breakouts from this channel.
Trade active
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Entry hit at 113.352 with SL = 112.388 and TP = 118.174.