USDJPY 240 Long break above trendline
Don’t see a lot of ideas on the yen, so here is mine.
We have a good break and close above a solid falling humongous blue trendline since 24 April 2019.
Expecting continued long PA in conjunction with RSI rising trend. W%R is also solid above 20.
So for a trade, I am looking for a dip in the PA to where the bottom of the recent channel intersects with the current rising PA trendline. If we then get a break and close above the recent small SR line, I will plan for a long trade.
SL at bottom of recent channel.TP at large double test SRZ.
We have a good break and close above a solid falling humongous blue trendline since 24 April 2019.
Expecting continued long PA in conjunction with RSI rising trend. W%R is also solid above 20.
So for a trade, I am looking for a dip in the PA to where the bottom of the recent channel intersects with the current rising PA trendline. If we then get a break and close above the recent small SR line, I will plan for a long trade.
SL at bottom of recent channel.TP at large double test SRZ.
Note
Well, here was the more obvious possibility, that the PA would break the small rising trendline and retest the big trendline as support. I didn’t consider this since at the time the RSI will still above its trendlineBut this may work out better. We have been in a 4H DT since 24 April 2019. This sets up a short trade with the trend. We have a nice break and close of the RSI below the trendline. If the PA breaks and closes below the big trendline, and the W%R breaks lower, I will look at the short trade.
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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.