W2Capital
Long

USD/JPY - Bullish continuation breakout

FX:USDJPY   U.S. Dollar / Japanese Yen
The US Dollar , recently broke out to the upside from the bearish descending channel , with a lovely continuation expanding wedge (megaphone) pattern on the intraday timeframes..... We have now seen the US Dollar strengthen further to the upside and is currently trading around 112.45 handle ... The price action and market structure is currently forming a continuation pattern, almost confirming a 'bullish flag, albeit not textbook. We are looking for a risk entry around 112.42 for a breakout and continuation for a longer term 114 BRN Handle as our target.....


Position will be risk managed to 0.50% with room to scale in upon additional breakouts and continuation patterns if the nature and structure develop in line with our Bullish bias.... We will be actively managing our position using price action and key risk parameters, if the US Dollar were to weaken, we would react accordingly subject to underlying price action, technicals and fundamentals.....



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