USDJPY 8/19/19 Daily TF
USDJPY 8/19/19
LONG IDEA
Daily TF
Usdjpy has reacted off a major support level around 105.000. If a reversal is confirmed on a break of structure and weekly resistance we can then target higher. A Monthly double bottom is waiting for confirmation as well. Even more evidence of a potential push higher.
If we see a break of current resistance we will look for a long entry after a retest. We can target the 109.000 area and 200 ema. Potential for over 200+ pips on this trade.
If we see a failure to push higher we will need to see this consolidation zone between 105.500-107.000 break before we can identify a more clear sentiment.
If 105.000- .500 area is broken you can then begin to look for short positions.
LONG IDEA
Daily TF
Usdjpy has reacted off a major support level around 105.000. If a reversal is confirmed on a break of structure and weekly resistance we can then target higher. A Monthly double bottom is waiting for confirmation as well. Even more evidence of a potential push higher.
If we see a break of current resistance we will look for a long entry after a retest. We can target the 109.000 area and 200 ema. Potential for over 200+ pips on this trade.
If we see a failure to push higher we will need to see this consolidation zone between 105.500-107.000 break before we can identify a more clear sentiment.
If 105.000- .500 area is broken you can then begin to look for short positions.
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