USDJPY - Head & Shoulder Breakout Plan
Updated
Price has made an inverted head & shoulders on the 4H/Daily time frame. Price is currently at a key resistance level @ 108.600's. If this structure is broken, we can find price moving to the upside.
A falling flag pattern has formed on the 1 hour time frame in which has already broken its trend line. This is strong indication that price will rise.
An aggressive entry would be entering based on the break of the 1H flag pattern. A conservative entry would be to wait for the 4H retest to key level structure.
TP 1: 109.800's
TP 2: 110.600's
SL: Below the 1 hour flag pattern
A falling flag pattern has formed on the 1 hour time frame in which has already broken its trend line. This is strong indication that price will rise.
An aggressive entry would be entering based on the break of the 1H flag pattern. A conservative entry would be to wait for the 4H retest to key level structure.
TP 1: 109.800's
TP 2: 110.600's
SL: Below the 1 hour flag pattern
Trade active
We made entry on retest of the 1H channel pattern.
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.