Momentum meter showing JPY weakness and USD gaining strength from weakness.
We can see descending triangle pattern forming, prior to triangle, price was uptrending, expected continuation as selling squeeze is dying off. RSI pushing upwards and big doji formed on last candlestick. SL set below resistance area, TP set conservatively below a double top of previous high.
Traders can choose to wait for confirmation of breakout before taking trade or trade another rejection off support line if price is to retrace back down.
EMA's expected to cross on successful breakout and holding of an upwards trend.
Risk Allocation: 0.5%
R:R = 1:2
GL
We can see descending triangle pattern forming, prior to triangle, price was uptrending, expected continuation as selling squeeze is dying off. RSI pushing upwards and big doji formed on last candlestick. SL set below resistance area, TP set conservatively below a double top of previous high.
Traders can choose to wait for confirmation of breakout before taking trade or trade another rejection off support line if price is to retrace back down.
EMA's expected to cross on successful breakout and holding of an upwards trend.
Risk Allocation: 0.5%
R:R = 1:2
GL
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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.