RedStaR
Long

USD/JPY breakout March 15 2015

FX:USDJPY   U.S. Dollar/Japanese Yen
46 2 0
The U/J pair is setup nicely in a corner for a breakout, most likely to the top on talks of increasing US interest rates. A break above 122 leaves two targets to be desired at the 127% and 161% fib levels. While a break on the blue trend line sets it up for either a stop at 115, or completion of a bullish Cypher , where the pair will pick up it's long term up trend.

Two targets each side, set your TPs and stops.

Happy trading.
FeelsFX
2 years ago
this is not a valid pattern
Reply
RedStaR FeelsFX
2 years ago
Because it hasn't completed yet. It's only an option for a downside target.
Reply
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