USD/JPY Price Structure Breakout Setup
This pair is attempting to start a bullish trend but has been struggling to break through the price structure we can see just left of where price is currently at.
It failed to break through the kumo there in the past so I really want to see that level broken to consider a long.
Typically when we do break through a level like that we will see a push up and through, then come back down to test it as support.
We can look for entries based on which style traders are more comfortable with.
I've drawn out some partial take profit levels on the way to my overall target. If we fail to break and hold above the entry line I've drawn, then this setup may become invalidated.
It failed to break through the kumo there in the past so I really want to see that level broken to consider a long.
Typically when we do break through a level like that we will see a push up and through, then come back down to test it as support.
We can look for entries based on which style traders are more comfortable with.
I've drawn out some partial take profit levels on the way to my overall target. If we fail to break and hold above the entry line I've drawn, then this setup may become invalidated.