USDJPY Long, RR 1 : 2.0
USDJPY daily chart forming a triangle, will it break or bouce?
By using 4hourly TF, I will try a LONG position for breakout test with reasonable risk reward.
Reason :
- With the current PA in play, higher high forming in 4hourly TF.
- Price rejection from below as it is unable to crossover my EMA21, leaving long candle tail below.
- 3rd retest on descending trendline in Daily TF.
- Potential to reach next resistance points :
Entry point Long : CMP or any pullback at 112.80 area ; TP1 : 114.50 (+170pips) TP2 : 115.50 area ; SL 112.00 area.
Risk Reward 1 : 2.0
Always remember to trade with stop-loss, market is crazy & cunning*
Note
Took some profit off 114.00 area after NFP data. Left some trades to reach target.Happy Weekend traders !
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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.