This chart shows a potential breakout trade setup for USD/JPY on the 1-hour timeframe. Here's a breakdown of what the image suggests:
Descending Trendline: Multiple red arrows mark lower highs, forming a descending resistance trendline.
Bullish Reversal: The green arrows and yellow circles highlight higher lows and buying interest at a consistent support level.
Breakout Attempt: The price is attempting to break above the descending trendline resistance.
Trade Setup:
Entry: Appears to be just above the trendline, around 144.825.
Target: Set around 148.232 (top of the green box).
Stop Loss: Set below the recent low, around 143.566 (bottom of the red box).
Risk/Reward: The setup offers a favorable risk-to-reward ratio, aiming for a breakout confirmatio…
Descending Trendline: Multiple red arrows mark lower highs, forming a descending resistance trendline.
Bullish Reversal: The green arrows and yellow circles highlight higher lows and buying interest at a consistent support level.
Breakout Attempt: The price is attempting to break above the descending trendline resistance.
Trade Setup:
Entry: Appears to be just above the trendline, around 144.825.
Target: Set around 148.232 (top of the green box).
Stop Loss: Set below the recent low, around 143.566 (bottom of the red box).
Risk/Reward: The setup offers a favorable risk-to-reward ratio, aiming for a breakout confirmatio…
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.