Sforex
Long

USDJPY: Does USDJPY break the key resistance ?.ADP next.

FX:USDJPY   U.S. Dollar/Japanese Yen
135 1 0
Look at on the chart, USDJPY             is contacting key resistance level at 124.50 while RSI indicator also test its resistance at 59.724

I think USDJPY             enough momentum to break this resistance.

Tomorrow, main focus is ADP report : A strong data could provide catalyst for Equity market and support for the rally of USDJPY             .

I will hit a BUY position of USDJPY             at current price , stop loss at 124, take profit at 125.50
MaryJane
a year ago
Thx for sharing-- this is my view: Preparation for Flag-Trade:
Preparation for Flag-Trade


snapshot

shortterm flag trade: entry 124,55 / Initial SL: 123,85 / TP: 125,5-125,7
middleterm flag trade: entry 124,55 / Initial SL: 122,75 / TP: 129
I don`t trade that - it´s just a trading idea!

Pair with bullish FLAG
snapshot

Y€$ - the widge got triggered and bought! This pushed the pair to its last high @ 124.42. From reaching this high a chealthy consolidation started, the pullback stopped @ 38,2 fibo - the minimal correction level!
This consolidation is forming a bullish flag (blue). The buying signal is active when the pair is traded above 123,9 / 124,45. I see potential on the upside.
On the downside, the level between sma 200& ema 200 should be a strong support.
Prices below this level will turn the chart into bearish (middleterm)
former analysis:
Will the support <a href="/u/121/" target="_blank">@121</a>,5 hold and the bullish wedge be triggered?

Will the support @ 121,5 hold and the bullish wedge be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the EMA 200 a drop till the longtermtrend @ 113,6 could be exspected.
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.

Will the support @121,5 hold and the bullish wedge be triggered?
Will the support <a href="/u/121/" target="_blank">@121</a>,5 hold and the bullish wedge be triggered?
snapshot

Will the support @ 121,5 hold and the bullish wedge be triggered and bought?
If yes, then the shortterm target @ the upper side will be the upper edge of the longterm uptrend @ 129,5.
If the strong support @ 121,5 does not hold, a fast drop till target @ EMA200 @ 118 could appear.
Below the EMA 200 a drop till the longtermtrend @ 113,6 could be exspected.
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
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