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USDJPY Weekly Analysis March 6-10

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
From our last week’s analysis on this pair the alternative setup was triggered and has almost hit our TP of 114.92.

On daily time frame the candle has formed a dark cloud cover pattern right around the resistance of a ranging box 114.88 which suggests that we may have a short term bearish move and will potentially move within the sideways range. A 122 pips of risk with 190 of pips of profit (1.5:1 RRR )

SL @ 114.75
Sell Stop @ 113.53
TP @ 111.63

However if the price breaks above 115.00, the market may retest the previous resistance level at 118.50. This also gives a higher probability as it breaks out from the sideways trend since midweek of January. This will also provide a confirmation of the break from the recent short term down trend line . A 339 pips of profit with 226 pips of risk (1.5:1 RRR )

SL @ 112.50
Buy Stop @ 115.11
TP @ 118.50