1,340 PIPS MOVEMENT ANTICIPATION ON USDJPYOn The daily timeframe , the entire structure of this asset has been bullish , though looking at the chart we can see a clear retracement in time, back to a bullish order block.
Mostly when price is getting closer to an order block, it forms different patterns, in this case we see the formation of waves in a channel, using the Elliot Wave theory, there must be a five touch movement for the wave to be complete, the fifth touch should cause a breakout of the channel, and price will keep pushing higher in the direction of the breakout.
Looking at the chart, what I've taken time to explain here is valid, so now what is my anticipation now is a little pull back to retest an order block that was left behind before the break out, and we can go long and target 1340 pips with a maximum of 200 pips stop loss, I personally don't use above 15 pips as my stop loss.
Looking at the chart, a major inducement area is out target, cause price is always looking to take out inducement to power it movement.
I also marked a major High, for education purposes, that high is what powers the last break of structure downward, once that high is taken, it further confirms the massive bullish movement, why ?
Cause that'll act as our change of character.
I hope this is informative, educative and profiting.
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Have a nice day and happy trading.
