We saw USDJPY slight reversal on last month's closure. On the H4 timeframe, we had seen the market trade lower in a falling channel, which is usually a reversal pattern once breached. We had seen a series of LLs and LHs then the market made a low around 127.30 before leaving a new HL, signaling a potential reversal.
Market then breached and closed outside the channel at the end of last week and also closed above 130.50 resistance.
Could we see a pullback back into 130.50, whilst also retesting the broken channel, then see a continuation to 134.50
Market then breached and closed outside the channel at the end of last week and also closed above 130.50 resistance.
Could we see a pullback back into 130.50, whilst also retesting the broken channel, then see a continuation to 134.50
Trade closed: target reached
USDJPY rallied as expected and target was reached
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
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.