U.S. Dollar / Japanese YenUpdated USDJPY Trade Idea
In the recent analysis, I expected UJ to have an impulsive upwards breakout of the exhaustion pattern (flag) that has been formed since 11th Jan, with the buildup phase as our potential long entries, which was exactly what the market performed. In yesterday's forecast, I discussed about potential rejection at the 104.27 resistance level (high of the flag pattern), which happened exactly as the forecast as well. As price has now conquered the 104.27 resistance level, will be looking forward to extend our targets towards 104.700 & 105.550 resistance zones.
However, do not forget the overall trend on the higher timeframe remains bearish, we're trying to capitalize on the short-term bullish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
However, do not forget the overall trend on the higher timeframe remains bearish, we're trying to capitalize on the short-term bullish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.