This USD/JPY 4-hour chart shows a classic bullish falling wedge pattern, which is a technical analysis pattern often indicating a potential reversal or breakout to the upside.
Key Observations:
Entry Point: Clearly marked just as the price breaks out of the upper resistance line of the wedge.
Target Points: Two target levels are marked:
The first is a moderate target near 144.6.
The second is a more ambitious target near 148.5, aligning with previous resistance zones.
Supporting Indicators:
The chart includes Ichimoku Cloud, which shows potential resistance at the first target level.
Volume and price action suggest momentum may be shifting.
Trade Implication:
If you're trading this setup:
Entry: Around 142.6–142.8 (as price breaks out of the wedge).
First Target: Around 144.6 (conservative target).
Second Target: Around 148.5 (if momentum sustains).
Stop Loss: Consider below the recent swing low near 141.9 for risk management.
Would you like help setting up risk-reward ratios or a trading plan based on this pattern?
Key Observations:
Entry Point: Clearly marked just as the price breaks out of the upper resistance line of the wedge.
Target Points: Two target levels are marked:
The first is a moderate target near 144.6.
The second is a more ambitious target near 148.5, aligning with previous resistance zones.
Supporting Indicators:
The chart includes Ichimoku Cloud, which shows potential resistance at the first target level.
Volume and price action suggest momentum may be shifting.
Trade Implication:
If you're trading this setup:
Entry: Around 142.6–142.8 (as price breaks out of the wedge).
First Target: Around 144.6 (conservative target).
Second Target: Around 148.5 (if momentum sustains).
Stop Loss: Consider below the recent swing low near 141.9 for risk management.
Would you like help setting up risk-reward ratios or a trading plan based on this pattern?
Trade active
TRADE ACTIVETrade closed: target reached
Target point 2 done
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.
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.