USD/JPY faces strong support near 124.50, targets 125.85 Long

U.S. Dollar/Japanese YenFXCM

Description

⋅ Aug 6, 2015 7:52 AM

Chart Pattern: Cup and handle

USD/JPY has broken handle high of 124.50 and jumped till 125. Intraday trend is bullish as long as handle 124.50 holds.

Any break below 124.40 will drag the pair further down till 123.78/123.50 in short term.

On the higher side any break above 125 will target 125.85 in short term.

It is good to buy at dips around 124.80-85 with SL around 124.45 for the TP of 125.85.

Comments

kixszr54e3

⋅ Aug 6, 2015 7:55 AM

This does not seem to qualify as a true cup and handle formation. This is an inverted flying squirrel formation.
Just clarifying.

FxWirePro

⋅ Aug 6, 2015 7:58 AM

thanks a lot