Risk of bullish USD/JPY breakout growing
USD/JPY is hitting the top of the range it’s been in since mid-August. With RSI (14) and MACD providing bullish signals on momentum, and having cleared the 50DMA, it feels like this attempted breakout may succeed where others have failed.
If we see a break and hold above resistance at 147.06, consider buying with a tight stop below the level for protection. Risk management is particularly important given escalating geopolitical tensions in the Middle East.
The August 15 high around 149.40 would be the initial trade target with 149.70 the next after that. 151 would offer a tougher test, coinciding with the intersection of multiple levels including the 200DMA.
If the price were to reverse back below 147.06 and/or the uptrend dating back to mid-September, the near-term bullish bias would be nullified.
Good luck!
DS
If we see a break and hold above resistance at 147.06, consider buying with a tight stop below the level for protection. Risk management is particularly important given escalating geopolitical tensions in the Middle East.
The August 15 high around 149.40 would be the initial trade target with 149.70 the next after that. 151 would offer a tougher test, coinciding with the intersection of multiple levels including the 200DMA.
If the price were to reverse back below 147.06 and/or the uptrend dating back to mid-September, the near-term bullish bias would be nullified.
Good luck!
DS
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