USD/JPY Trade Setup - Trendline play
I am currently looking to take a long position on USDJPY due to a 4 hour candle close above the trendline
Key Levels:
Entry Zone: 149.69 (aligned with 4-hour resistance and previous structure support).
Target: 150.72 (4-hour resistance).
Stop Loss: 149.22 (below daily support).
Reasoning:
Price has been consolidating after a strong bearish trend and has now closed above the downtrend line (red diagonal).
The entry zone coincides with strong confluence levels of resistance turned support.
Stop loss has been placed under the ascending trendline
Key Levels:
Entry Zone: 149.69 (aligned with 4-hour resistance and previous structure support).
Target: 150.72 (4-hour resistance).
Stop Loss: 149.22 (below daily support).
Reasoning:
Price has been consolidating after a strong bearish trend and has now closed above the downtrend line (red diagonal).
The entry zone coincides with strong confluence levels of resistance turned support.
Stop loss has been placed under the ascending trendline
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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.