The808Trader

Yen finally Stabilizing? USD/JPY Ichimoku trade setup

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
This setup will probably be a little bit slower to complete if we do indeed get the move back up to the levels I want to see. We are still recovering after the flash cash so price is still trying to stabilize. It is still a little early to tell but it looks like we may have finally found some solid ground. We have the kumo breakout and bullish kumo twist, but I really want to see a bullish TK cross complete, which should line up with a break above resistance where we've been held previously. That's where I've set my potential entry, but like I said, I want to see the breakout coincide with the bullish TK cross to act as my final confirmation as a buy entry. I've also drawn out a few partial Take Profit levels in blue horizontal lines where I'll look to minimize my risk and take some money off the table, assuming we get the move up and confirmations. If we fail to hold support, get the TK cross, or breakout above my entry and resistance area, this setup may become invalidated.

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