USDJPY seems to be in a wedge on the D1 and W1 timeframe. Have been looking for an opportunity to go long in the pair but the previous consolidation surge up too quickly. The latest retracement has brought price down to a suitable entry price and we are looking to long the pair to the top of the wedge.
Note
USDJPY has been consolidating for a while, a breakout above trendline would be positive for the trade.
Note
I will shift the SL to entry, as the consolidation has been going on longer than expected and there seems to be weakness in the buyers.Note
Updated chart, SL to shift to entry
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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.