USDJPY broke through the downward momentum trendline on the 4h chart, however, due to to the unstable market at the moment, it may head a little lower to touch the support zone in the 146.100 area before reversing to the upside - depending on the strength of the US Dollar today.
I will be looking for a confirmation candle close on the 1h chart to enter my long trade and placing my stop-loss just below the support zone.
Remember to not rush into trades as the market is a little volatile and sensitive to economic news!
I will be looking for a confirmation candle close on the 1h chart to enter my long trade and placing my stop-loss just below the support zone.
Remember to not rush into trades as the market is a little volatile and sensitive to economic news!
Trade active
TARGET 1 REACHEDTrade closed manually
Took some profits at Target 1 and I'm closing my position here in profit as USDJPY is struggling with climbing higher and due to PPI news later!
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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.