Simple ascending channel setup on USDJPY SL is 20 pips below current price. Once the price move to 114 handle the SL should be placed to breakeven, thus giving a risk-free trade.
Nice identification of the ascending channel on USDJPY and there may be bullish potential as you have identified. For this set up, we have identified the resistance and support levels to watch out for. The support that we have found is at 113.56. Stochastic has bounced off its support at 11.2% where a corresponding rise could occur. Given the current price, we may want to take a closer look at the 114.046 resistance level. It is a horizontal swing high resistance, with a 100% Fibonacci extension and 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and we would like to hear what you think.
Please have a look at our idea and we would like to hear what you think.