USDJPY
Updated
USDJPY
Price broke and closed above the 108.50 near-term resistance level(which is now acting as near-term support) and has formed a nice tailed bar rejecting the near-term support level & closed above the 150 exp. Also the tailed bar is rejecting the 23% fib level of the daily swing higher!!!
Factors of confluence supporting the Buy idea are given below :
1. Taking long means going in-line with the daily dominant bullish trend.
2. The buy idea goes in-line with the weekly near-term momentum & short-term trend as well.
3. A tailed bar formed from near-term support level 108.50 level also rejecting the 23% retrace level & closed above the 150 exp.
4. EMA's (Short term) , in-line with the buy call as they are confirming the bullish near-term momentum
5. A price action Setup available
6. 1:3 R:R available
NOTE : A confirm break and close above the 108.90 near-term resistance could see prices breakout of recent sideways congestion & activate a short-term uptrend.
So below given is the trade idea :
Entry @ 108.60 (Order filled)
Sl @ 108.20 ( a good tight Stop available )
TP @ 109.80
R:R available : 1:3
TRADE IS ACTIVE
Price broke and closed above the 108.50 near-term resistance level(which is now acting as near-term support) and has formed a nice tailed bar rejecting the near-term support level & closed above the 150 exp. Also the tailed bar is rejecting the 23% fib level of the daily swing higher!!!
Factors of confluence supporting the Buy idea are given below :
1. Taking long means going in-line with the daily dominant bullish trend.
2. The buy idea goes in-line with the weekly near-term momentum & short-term trend as well.
3. A tailed bar formed from near-term support level 108.50 level also rejecting the 23% retrace level & closed above the 150 exp.
4. EMA's (Short term) , in-line with the buy call as they are confirming the bullish near-term momentum
5. A price action Setup available
6. 1:3 R:R available
NOTE : A confirm break and close above the 108.90 near-term resistance could see prices breakout of recent sideways congestion & activate a short-term uptrend.
So below given is the trade idea :
Entry @ 108.60 (Order filled)
Sl @ 108.20 ( a good tight Stop available )
TP @ 109.80
R:R available : 1:3
TRADE IS ACTIVE
Trade closed: stop reached
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.