Cup & Handle Breakout in USDJPY
Updated
USDJPY did breakout from cup and handle formation at 138 zone. The price retraced toward the breakout zone and was hovering sideways for 8-10 trading sessions before finally pushing on the bullish side (on the US Dollar).
The price seem to have completed the retracement after the breakout at 138 zone and looks ready to continue upward in the direction of the breakout.
Longs can be initiated on the USDJPY pair for 148.85 as the measured move target. SL below 138.40.
Note, BoJ may come to interrupt the bullish flow of this chart once again, so be nimble and prepared to reverse positions upon any plausible bearish central bank action.
The price seem to have completed the retracement after the breakout at 138 zone and looks ready to continue upward in the direction of the breakout.
Longs can be initiated on the USDJPY pair for 148.85 as the measured move target. SL below 138.40.
Note, BoJ may come to interrupt the bullish flow of this chart once again, so be nimble and prepared to reverse positions upon any plausible bearish central bank action.
Trade closed manually
Closed manually at rejection in price at 145 resistance zone.
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.