ForexVader
Long

USDJPY - Bullish Breakout + Confluence

FX:USDJPY   U.S. Dollar / Japanese Yen
Friday closed with an apparent Tweezer Bottom set-up retesting the descending triangle (See - https://www.tradingview.com/x/emHKug0D/).
A look at the 4hr chart confirms the price pattern breakout and subsequent retest. A successful test of the 50ema would confirm the Bullish momentum and might provide intraday traders an entry point.

Sticking with Swing Trading strategies, a stop loss at 123.15 and main profit target at 128.00 provides a near 5:1 Reward:Risk ratio.

Confluence includes:
  • Tweezer Bottoms

  • Low Test + Retest of Descending Triangle

  • Keeping with long term trend

  • Triple Bottom
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