USDJPY appears to be in the midst of a trending market, with a series of higher lows and higher highs. USDJPY has just hit a key resistance level of 109.00 . This level of resistance was confirmed running from May 2019-July2019.
As we usually see in markets, we may see an S/R flip, where this resistance now becomes a new support. The market looks like it has made a break-and-retest of the level indicated by the blue arrows. There is a bullish pin bar candle forming on the daily timeframe, further confirming bullish momentum. Lastly, zooming out on this chart and possible switching to a higher timeframe, we can see a large-scale triangle formation, which we are approaching the top of.
My entry is @109.00 with SL just below the low of the daily pin bar @108.82 and my target is at the top of the triangle @110.00
As we usually see in markets, we may see an S/R flip, where this resistance now becomes a new support. The market looks like it has made a break-and-retest of the level indicated by the blue arrows. There is a bullish pin bar candle forming on the daily timeframe, further confirming bullish momentum. Lastly, zooming out on this chart and possible switching to a higher timeframe, we can see a large-scale triangle formation, which we are approaching the top of.
My entry is @109.00 with SL just below the low of the daily pin bar @108.82 and my target is at the top of the triangle @110.00
Trade closed: stop reached
Hit the Stop Loss
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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.