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U.S. Dollar / Japanese Yen
Long

Long USD/JPY

By Dr_P
The pair broke out of the downtrend lasting since the beginning of 2017, after a double-bottom supported by .38 retracement of a larger uptrend. The downtrend line had been retested and after a consolidation the pair broke out upwards.

  • SL at 70 pips; can be adjusted to 90 pips in case of strong reversal towards the upward trendline
  • T1 for 50% of the position is the .618 of the recent FIB Extension
  • Stop to be moved to B/E at T1; a return to upward trendline is expected
  • T2 Risk free is at 1x FIB extension, which is in the area of 116 - strong resistance from the past months

Dr_P

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