USDJPY is trading with a consolidation closely above the monthly pivot price at 106.668.
The pair closed with a doji candle on D1 and also above a key support level (106.785).
From H1, bullish rise of price is dictated on a trendline. Due to the nature of current consolidation, a buy limit at 106.755, sl at 106.568 and tp at 109.278 is preferable.
Notice: a breakdown below the ascending trend line invalidates the set-up and that gives room for more downside. Also, keep an eye on JPY strength as the market opens.That will give a clearer direction and also decide the direction of other yen pairs.
Apply risk management.
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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.