Since recovering from January lows on Feb 5, USDJPY has been stuck in a range, unable to break to the downside or upside. However it appears there is room to the upside given the uptrend since August and the rather quick recovery from the January lows. In addition, it may have formed a triple bottom which can be more clearly seen when viewed in a 2 hour timeframe with a 10 period SMA.
Entry: 109.95-110.13 (110.13 was the high of the last failed breakout)
Target: 110.58
Stop: 109.81 (10 period SMA)
Entry: 109.95-110.13 (110.13 was the high of the last failed breakout)
Target: 110.58
Stop: 109.81 (10 period SMA)
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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.