USDJPY Beautiful Buy Setup
Updated
USDJPY on the 4 hour time frame shows a very very beautiful buy setup.
Not only has it strongly broken the resistance, if you apply the Elliot Wave Theory you see that after the big move from 109.20 to 111.77 it had a small wave done followed be some correction waves. Now the price is above the previous mentioned 111.77 it has completed the correction waves and price will continue to go up. This fact a long with the nice break of the resistance gives enough power to buy usdjpy.
Take Profit would be at the next resistance: 112.92
Try to move up your stop a bit a long with the trend to protect profit.
Not only has it strongly broken the resistance, if you apply the Elliot Wave Theory you see that after the big move from 109.20 to 111.77 it had a small wave done followed be some correction waves. Now the price is above the previous mentioned 111.77 it has completed the correction waves and price will continue to go up. This fact a long with the nice break of the resistance gives enough power to buy usdjpy.
Take Profit would be at the next resistance: 112.92
Try to move up your stop a bit a long with the trend to protect profit.
Trade active
Trade active
Trade closed: target 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.