The USD/JPY pair has broken out above the 148.2 resistance level, which has now become a support level. This breakout suggests that the pair has gained significant bullish momentum and is likely to continue rising.
_New Support Level:_ 148.2
_Target Levels:_
- _TP1: 149.3_
- _TP2: 150.1_
- _TP3: 151.2_
- _TP4: 152.3_
- _TP5: 155.0_
_Reasons for the Breakout:_
1. _Technical Reversal:_ The USD/JPY pair has formed a technical reversal pattern, indicating a potential change in trend.
2. _Momentum Indicators:_ The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are showing bullish signals, indicating a potential rise in prices.
3. _Fundamental Analysis:_ The USD/JPY pair has been influenced by positive economic data from the UK, including a strong labor market and rising wages.
_Trading Strategy:_
Buyers may look to enter the market at the new support level of 148.2, with a stop-loss below 146.5. The TP levels can be used to take profits, or to adjust the stop-loss to break-even.
Keep best wishes to Travis 👍
_New Support Level:_ 148.2
_Target Levels:_
- _TP1: 149.3_
- _TP2: 150.1_
- _TP3: 151.2_
- _TP4: 152.3_
- _TP5: 155.0_
_Reasons for the Breakout:_
1. _Technical Reversal:_ The USD/JPY pair has formed a technical reversal pattern, indicating a potential change in trend.
2. _Momentum Indicators:_ The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are showing bullish signals, indicating a potential rise in prices.
3. _Fundamental Analysis:_ The USD/JPY pair has been influenced by positive economic data from the UK, including a strong labor market and rising wages.
_Trading Strategy:_
Buyers may look to enter the market at the new support level of 148.2, with a stop-loss below 146.5. The TP levels can be used to take profits, or to adjust the stop-loss to break-even.
Keep best wishes to Travis 👍
Trade active
Our first tp hits and running in the profit guys 👆
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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.
Related publications
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.