USDJPY - LONG @ TL BREAKOUT (might be 111.350)
DESCRIPTION: It seems like we have an inverted H&S (or triple bottom) at the 111s area. We can see on a daily (and weekly) timeframe that this area is a 38.2 retracement from A (approx. 99.000) to B (approx. 119.000). For now, this FIB level seems to hold. The market also is in an area of major support (weekly key level).
ENTRY: I will enter after the breakout of the small black trendline (black arrow on the chart).
TARGET: targeting the next structure resistance and psychological resistance of 112.500 (Large Quarter).
STOPS: will be placed 65 pips below my entry.
ENTRY: I will enter after the breakout of the small black trendline (black arrow on the chart).
TARGET: targeting the next structure resistance and psychological resistance of 112.500 (Large Quarter).
STOPS: will be placed 65 pips below my entry.
Comment:
The inverted head and shoulders can also be considered as a descending triangle.
Trade active
Trade active
Trade active