This chart shows a potential trading setup for USD/JPY on a 15-minute timeframe. Here's a breakdown of the key elements:
Entry Level: Around 143.29, which is the current price where the pair is showing signs of a bullish breakout.
Take Profit: Set at 144.20, aligning with previous resistance zones.
Stop Loss: Placed just below the support zone at around 142.45, providing a buffer against downside movement.
Pattern: The chart suggests an inverse head and shoulders pattern, a bullish reversal signal, highlighted by the orange circles.
Volume: Increasing volume during the breakout supports bullish momentum.
If this setup holds, you're looking at a favorable risk-reward ratio. Want help calculating that or adjusting levels based on risk appetite?
Entry Level: Around 143.29, which is the current price where the pair is showing signs of a bullish breakout.
Take Profit: Set at 144.20, aligning with previous resistance zones.
Stop Loss: Placed just below the support zone at around 142.45, providing a buffer against downside movement.
Pattern: The chart suggests an inverse head and shoulders pattern, a bullish reversal signal, highlighted by the orange circles.
Volume: Increasing volume during the breakout supports bullish momentum.
If this setup holds, you're looking at a favorable risk-reward ratio. Want help calculating that or adjusting levels based on risk appetite?
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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.
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.