USDJPY breakout and continuation of (new) bullish trend?
We have reached a bottom with following elements support a longer term bullish trend:
- Forming a possible double bottom
- RSI and stock aimed north
- A hammer formed at the bottom of the bearish trend and got confirmed by a large bullish candle.
- Fundamentally Japan is worse off compared to the US
Order has already been triggered at 112.95 with first target at 116-116.20. However, taking profit sooner might happen depending on how price reacts to 115 level that is a support level turned resistance and that even got retested but did not break.
- Forming a possible double bottom
- RSI and stock aimed north
- A hammer formed at the bottom of the bearish trend and got confirmed by a large bullish candle.
- Fundamentally Japan is worse off compared to the US
Order has already been triggered at 112.95 with first target at 116-116.20. However, taking profit sooner might happen depending on how price reacts to 115 level that is a support level turned resistance and that even got retested but did not break.
Trade active:
Trade is still active since 112.95 with STP at B/E + 10 pips. Still looking at 116 as TP.
Trade closed: stop reached:
Stop reached at BE + 10 pips. Dollar remains weak against the yen which is very strange fundamentally. Awaiting better setup.