USDJPY is preparing to go up! | Feb 3, 2022
USDJPY has stayed in an ascending channel, clearly shown in daily timeframe.
Last week it has just broken a triangle pattern, thus confirming the continuation of bullish trend. After a series of impulsive moves, USDJPY retraced back to its 50% and 61.8% Fibonacci, just to grab the buy order in the demand zone. Today we saw a strong bullish confirmation in the zone, indicating this pair is ready to go up again.
I entered a long position at the price 114.789, stop loss is below the latest swing low at 70 pips, and target profit is 140 pips, RR ratio 1:2.
Last week it has just broken a triangle pattern, thus confirming the continuation of bullish trend. After a series of impulsive moves, USDJPY retraced back to its 50% and 61.8% Fibonacci, just to grab the buy order in the demand zone. Today we saw a strong bullish confirmation in the zone, indicating this pair is ready to go up again.
I entered a long position at the price 114.789, stop loss is below the latest swing low at 70 pips, and target profit is 140 pips, RR ratio 1:2.