USDJPY Bullish - Nearing V Price Target
Updated
USDJPY is bullish on the 4H timeframe according to Ichimoku.
1. Kumo is thick and angled up
2. Tenkan-Sen and Kijun-Sen are angled up
3. Chikou Span is above the candles
4. Price has cleared recent horizontal resistance.
I entered a long position at the break of horizontal resistance. I am holding with a target price of 128.959 as this is the Ichimoku V price target, using the 4th March low, 18 March high, and 30 March low as intercept points.
I am shifting my stoploss up higher with every flat Kijun-sen on the 30m chart expecting the bullish momentum to continue intraday.
Trade closed: target reached
The V price target has been reached and price has quickly bounced off it. I closed my trades for a profit of around 240 pips.
Price is currently retracing. Expect it to hit Kjun-Sen and bounce, or go all the way into the Kumo cloud. 1D trend is still bullish so it is impossible to say that the trend has reversed.
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