USD/JPY Near Term Set up for Long
Updated
USDJPY LongEntry 1: 109.0, Stop Loss 1: 108.75, Target 1: 114.4, Risk to Reward Ratio: 1:19.4
Entry 2: 108.3, Stop Loss 2: 108.00, Target 2: 114.4, Risk to Reward Ratio: 1:28.33
Trade cautiously and await for confirmation of entry signals
- Consider the horizontal channel which repeats itself over a 1- 1.5 Month Period
- Support levels at 109 & 108.35
- Resistance level at 114.4
- Awaiting moving average cross over
- 4 hour RSI Index overbought
- Bottom of Bollinger Bands - awaiting reversal
Good Luck!
Note
Support Levels at 108.8 have held and price action appears to be moving back up and confirming reversal in direction.
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