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GBPUSD | Perspective for the new week | Follow-upThe previous week saw the Pound sterling reach 1.2600 zone against the US dollar, reflecting positive reactions to the S&P Global/CIPS data. Even amidst mixed economic signals from the US, including robust Services and Composite PMIs but a contracting Manufacturing PMI, the GBPUSD pair maintained its strength. In the UK, inflation has shown signs of cooling down but remains significantly above the Bank of England's target rate, registering at 4.6%. Looking ahead, traders are preparing for further guidance from BoE Governor Andrew Bailey's speech next week and key US economic reports such as Consumer Confidence and ISM Manufacturing PMI that could influence future movements of this asset. If you're interested in gaining technical insights into the potential trajectory of the GBPUSD pair and how to navigate these market developments, be sure to watch the full video. GBPUSD Technical Analysis: Will the pound continue its trajectory and sustain its momentum above the $1.26000 zone? The stakes are high, and we're on the edge of our seats! The spotlight is on high-impact economic events from both the UK and US dockets for clues. Brace yourselves as the anticipation and the actual events may trigger sharp price movements that could present incredible trading opportunities. In this video, we've analyzed the Daily and 4-hour timeframes, exploring bullish and bearish sentiments to uncover the most promising trades for the week ahead. We've delved into key levels, trendlines, and support/resistance points, unveiling essential insights into the current market structure. We are keeping a close eye on the potential range between $1.26000 and $1.25000 where a consolidation could happen before the next BIG move. It's a decisive structure where both sellers and buyers will be vying for control, and how the market reacts here will set the course for GBPUSD in the upcoming days. Stay connected and join the conversation in the comment section to stay updated on the latest developments. Thank you for tuning in, and get ready for more enlightening insights into GBPUSD in our upcoming content. Buckle up for a thrilling journey ahead! Happy trading!
by darcsherry
1
XAUUSD | GOLDSPOT | New perspective | follow-up detailsGold maintains its position around $2,000, buoyed by a weakening US Dollar and mixed US PMI data from Friday. Despite the recovery in US Treasury bond yields, the broadly weaker dollar prevails, driven by dovish bets on the Federal Reserve amid a manufacturing sector downturn. However, the upward momentum of gold faces potential constraints as rising US Treasury yields, with the 2-year rate reaching 4.95%, could impact its trajectory. With the Federal Reserve remaining data-dependent, the forthcoming release of Q3 Gross Domestic Product (GDP) revisions and October Personal Consumption Expenditures (PCE) figures may further influence the dynamics of the USD in the coming week. XAUUSD Technical Analysis: In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities. The $2,005 zone will be our center stage for this week. Its historical significance makes it a crucial point. If the bullish momentum is sustained then the breakout/retest of this zone will serve as a platform for new highs. However, if selling pressure continues to persist below the zone, we could witness renewed selling pressure back into the demand zone at the $1,990 zone. Dive into the latest Gold market dynamics! Stay informed for strategic investment decisions. #GoldMarket #SafeHavenAssets #USDebt 📺🔔💼 Disclaimer Notice: Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy. It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances. Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it. Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
PEPPERSTONE:XAUUSD
by darcsherry
2
EURUSD TOP DOWN ANALYSIS FOR 13/NOV/2023From the daily timeframe, you can see that eurusd is in an upward channel. I will expect to see the channel last for the next few weeks because there's a possibility that the price will touch a weekly resistance zone for a retracement up above. However, the price moves in trends and made a higher high two weeks ago. Throughout last week, the price has been on a retracement move downwards and I expect the retracement to continue even lower than last week's low before the next impulse for the higher high comes. On the 4h timeframe, we have a temporary downward channel which we expect the price to respect all the way down to 1.06500 or even lower within this week before the next move upwards again. On the 1h timeframe, that's where I look for trading levels and from what I can see, the price is trading between 1.07000 and 1.06500. Like I already said, I expect to see the price drop so before I will take any trade, I will expect to see the price rise to the most recent resistance which is the 0.07000 level which will meet with the descending trendline resistance and act as a confluence for a possible move downwards. In a nutshell, I will expect to see the price rise to the 0.07000 level before I start looking for selling opportunities down to last week's lows and ultimately 0.06500. Tune in by 6:30am WAT for a video analysis on the pair.
by Francisbluepipsfx
2
EURJPY: Can buyers continue to move and hit new 2023 highs?Today's focus: EURJPY Pattern – Resistance Test Support – 157.65 - 155.81 Resistance – 158.55 - 159.71 Hi, and thanks for checking out today's update. Today, we are looking at the EURJPY on the daily chart. Since testing lower support, we have seen a solid bounce that has already had one reaction and a new higher high. This sets buyers up with just a few more things to do to get the overall trend back on track. A break of current resistance and a break of 159.71 should see price at new 2023 highs and could confirm that the long-term trend is continuing. We need to see the current range beaten before we can start thinking of new yearly highs. If sellers can hold at 158.55, this could set up a new resistance hold and stall the current rally. Good trading.
Long
by Eightcap
📈💼 Mastering the market with Support & Resistance ConfluencesWhen navigating the intricate world of trading, skilled traders keep a keen eye out for specific signals that guide their entry and exit decisions. What's even better? When multiple signals converge at a particular price point, it's like a symphony of market harmony. In trading lingo, we call this phenomenon "Confluence." These confluence points serve as the cornerstone for building well-informed trade plans. It allow us to maximize the winning rate and therefore constitute a major key to transform a losing trader into a winning trader. In this blog post, I'm here to empower you with insights and examples of support and resistance confluences to elevate your market analysis game. 📌 Essential Knowledge First 📌 Before you embark on the quest to spot confluences on your price charts, you must lay a solid foundation of basic technical analysis concepts. This entails mastering the art of plotting support and resistance levels, skillfully drawing trendlines, recognizing fundamental technical chart patterns, and understanding the proper utilization of technical indicators. Without these fundamental skills, confluence points will remain elusive, leading to flawed analysis and mistimed trading decisions. 🤝 Demystifying Confluences 🤝 Confluences manifest on your charts when two or more technical indicators intersect at a specific price level. For technical analysts, these moments are akin to uncovering hidden treasures that signal opportune moments to enter or exit trades. 📈 Understanding Support Confluences 📈 Support confluences are the sweet spots where two or more technical support levels converge at a particular price point. These magical intersections signify robust buying pressure and present optimal entry points for purchasing a stock. A support confluence typically boasts two or more of the following bullish signals: 📈 Bullish Divergence: When price and a technical indicator move in opposite directions, often hinting at an upcoming price reversal in an upward direction. 🔄 Price Rebounds at Key Support Level: Especially powerful if it aligns with a multi-year support level, suggesting strong historical significance. 📐 Price Rebounds at Trendline Support: When price bounces off a trendline, it signifies a technical support that traders closely monitor. 🧮 Price Rebounds at Fibonacci Support Level: Fibonacci retracement levels often serve as critical support zones. 📊 RSI within 20 - 30: A Relative Strength Index (RSI) reading within this range can indicate an oversold condition and potential for an upward bounce. ⚙️ MACD Bullish Crossover: When the Moving Average Convergence Divergence (MACD) indicator forms a bullish crossover, it signals potential upward momentum. 📈 Dynamic support: when you use one or several moving average Now that you have a clearer picture of support and resistance confluences, you're equipped to elevate your trading prowess. This is how you draw the highly qualitative setups that will boost your trading career! Remember, trading is an art and a science. Mastering the nuances of confluences can significantly enhance your ability to make informed trading decisions. Happy trading, and may your charts be filled with profitable confluence points! 📊📈💰 Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you want more qualitative insights like this one 🌊🚀
TVC:USOILEducation
by Thomas_Zito
1
Unlocking GBPUSD Bearish Potential: Triangle Breakdown📉🔒Traders, brace yourselves for an intriguing setup on the 1-hour timeframe for GBP/USD that you can't afford to miss: 📌 Technical Analysis Highlights 📌 🔽 Descending Triangle Breakout: The recent price action has delivered a convincing breakout from a descending triangle pattern, laying the foundation for a trend continuation setup. 📈 Moving Average Resistance: To further bolster the case for a trend continuation, the moving average is acting as a steadfast resistance, combining forces with the descending triangle breakdown. 📈 Trade Strategy 📈 This setup isn't just an opportunity; it's a smart move in line with the prevailing trend. Trading with the trend is consistently more rewarding than attempting countertrend strategies. 💼 Risk Management: Mitigate risk effectively by placing your stop loss above the resistance zone. 🎯 Take Profit Targets 🎯 1️⃣ First Target: 1.21350 2️⃣ Ultimate Target: 1.20500 Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you want more qualitative insights like this one 🌊🚀
Short
by Thomas_Zito
XAUUSD | GOLDSPOT | New perspective | follow-up detailsIn the world of precious metals, gold is facing a delicate balancing act. Recent economic data from the United States has added a layer of complexity to the gold market. The ISM Manufacturing PMI for August surprised many by exceeding expectations, while the U.S. jobless rate edged up to 3.8% while the NFP data slightly surpassed predictions. Wage growth, though still expanding, has slowed its pace. These mixed signals in the U.S. job market have cast uncertainty over the upcoming Federal Reserve interest-rate decision, scheduled for September 20th. Fed Chair Jerome Powell's remarks at the Jackson Hole Symposium emphasized that policy decisions would hinge on incoming data, especially considering the evolving relationship between inflation and employment. In this landscape of economic flux, gold finds itself at a critical juncture, hovering just above the pivotal $1,900 threshold. Investors are eagerly awaiting clearer signals, and the precious metal's next move remains uncertain. XAUUSD Technical Analysis: In this video, we delve into XAUUSD from a price action-based technical analysis standpoint. By analyzing historical price moves, market behaviors, and buyer-seller dynamics, we extract insightful cues. The $1,950 zone will take center stage. Its historical significance makes it a crucial point. If the bullish momentum is sustained then the breakout of both the descending trendline and the $1,950 level could incite a strong uptrend continuation. However, if selling pressure persists below the $1,950 then some short-term selling opportunities could take center stage to trigger a USD-favored sell-off. Stay tuned for more thrilling updates on the Gold market! Remember, trading involves risks, and I always recommend exercising caution and seeking advice from financial professionals. Hit the like button if you found this analysis helpful, and don't forget to subscribe for more insightful content! 📺🔔💼 Disclaimer Notice: Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy. It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances. Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it. Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
PEPPERSTONE:XAUUSD
by darcsherry
1
Capitalizing on Bearish Breakout: Ideal Selling Opportunity 📉🐻We've got an enticing EUR/USD setup on the 1-hour timeframe that deserves your attention. Here's the lowdown: 📌 Technical Analysis Highlights 📌 📉 Bearish Breakout: After a period of range-bound trading (or a bearish flag, depending on your perspective), the price has decisively broken below a key support level, which has now flipped into a formidable resistance. This signals that bulls have been trapped, allowing the bears to regain control. The trend remains bearish 📈 Price Action Insight: With the balance tipping in favor of bears, I anticipate an escalation in bearish momentum, potentially leading to a sharp price drop. This presents an optimal entry opportunity for selling. 🎯 Trade Strategy 🎯 Given these compelling technical signals, it's time to consider a short position on EUR/USD. Look to enter the market with confidence. 📉 Take Profit Targets 📉 1️⃣ First Target: 1.06650 2️⃣ Second Target: 1.06250 3️⃣ Ultimate Target: 1.05900 Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful 🌊🚀
Short
by Thomas_Zito
9
📈 Exciting Trading Opportunity Alert! USDJPY: bull flag🚀✨Delving into the intricacies of USDJPY on the 4H TF Take a step back and witness the grand narrative of the chart—an unwavering uptrend punctuated by calculated retracements. Recently, a significant consolidation occurred at the pivotal 145.000 level, a strategic move accompanied by the emergence of a promising bull flag pattern. This pattern speaks volumes, reinforcing the notion of an ongoing trend. But the real excitement? Brace yourself for the breakout! 🚀📈 The trajectory is set for a huge leg up, mirroring the upward momentum. 🌟 Now, aligning with the persistent bullish sentiment, I'm pinpointing two juicy targets: 148.000 and 150.000. 🎯 In this intriguing juncture, let's seize the opportunity to navigate the market waves, buoyed by the prevailing trend's tide.📈🌊
Long
by Thomas_Zito
3
Chart vs. HeadlinesLet's debunk some headlines like "The Dollar is Bearish!" and dig into the real chart dynamics. On the weekly chart, a bullish trend is evident, despite a retracement that might seem bearish. Always consider the bigger picture. The recent retracement is a mere blip compared to the overall uptrend. 🔍 Key Levels to Watch 🔍 Zoom out and observe the retest happening on the previous high. Keep a close eye on whether the market breaches 145.24. The next crucial level to watch is 152.02. Chart analysis trumps online articles. Don't just read, define your levels strategically. 💡 Daily Chart Insights 💡 Approaching the previous high on the daily chart, counter-trend traders might eye shorting opportunities. However, wait for candlestick confirmation before executing. Personally, I see a breakout trading opportunity, not an aggressive short. 📊 Four Hour Chart Dynamics 📊 New highs surpassing previous structures on the four-hour chart indicate the bullish trend persists. This trend isn't over. One hour chart mirrors this pattern—a break of prior resistance. 📚 Mastering Market Analysis 📚 If you're passionate about analyzing markets like I am, employing clear rules for buying and selling levels is vital. No guessing games. Scan the QR code for our community channel. Engage with like-minded individuals and refine your skills. 💼 Crafting Trading Strategies 💼 Returning to the weekly chart, counter-traders might spot a shorting setup at 149.28 for a Fib-3 Bat setup. On the daily chart, a crab pattern at 150.39 forms, with a Bat pattern completion at 149.16. ⚙️ Shorting Opportunities ⚙️ For those inclined towards shorting, the ABCD pattern on the four-hour chart sets a stage at 147.80. My focus? Buying opportunities. A pullback to 144.02 holds potential for a buying window. 🔎 Immediate Insights 🔎 On the one-hour chart, a closer level of interest stands at 144.46—a promising buying opportunity within the buy zone.
Long
by RaynLim
GBPUSD | Perspective for the new week | Follow-upExciting times are ahead for the Pound Sterling as it makes a strong recovery during the second half of the previous week, soaring near 1.27800! The market sentiment is on the rise, and the Bank of England (BoE) is signaling a hawkish stance on interest rates, giving the GBPUSD pair even more room to climb higher. The recent interest rate decision saw a 25 basis points increase to 5.25%, fueling the optimism for further gains. In contrast, the US Dollar is facing some headwinds following the release of the US July jobs report, which showed a lower-than-expected increase in Nonfarm Payrolls with only 187,000 new jobs. This has given the Pound Sterling an added boost and raised hopes for continued momentum in the upcoming week. Of course, investors are keeping a close eye on developments as they also process the implications of Fitch's downgrade of the United States government's long-term debt rating. This could have far-reaching effects on the cable market, adding to the intrigue and excitement. GBPUSD Technical Analysis: Will the pound find solid support at $1.27000, or are we heading towards a potential breakdown and a possible sell-off? The stakes are high, and we're on the edge of our seats! The spotlight is on high-impact economic events from both the UK and US dockets, including the Consumer Price Index, Gross Domestic Product, Producer Price Index, and Consumer Sentiment Index. Brace yourselves as these events may trigger sharp price movements that could present incredible trading opportunities. In this video, we've analyzed the Daily and 4-hour timeframes, meticulously exploring bullish and bearish sentiments to uncover the most promising trades for the week ahead. We've delved into key levels, trendlines, and support/resistance points, unveiling essential insights into the current market structure. Keep a close eye on that critical confluence at $1.27000, where an ascending trendline intersects in the Daily timeframe. It's a decisive moment where both sellers and buyers are vying for control, and how the market reacts here will set the course for GBPUSD in the upcoming days. Stay connected and join the conversation in the comment section to stay updated on the latest developments. Thank you for tuning in, and get ready for more enlightening insights into GBPUSD in our upcoming content. Buckle up for a thrilling journey ahead! Happy trading! Disclaimer: Trading on margin in the foreign exchange market (including commodities, CFDs, stocks, etc.) carries a high level of risk and may not be suitable for all investors. The content of this speculation (including all data) is provided by me for educational and informational purposes only to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not accept any responsibility for its accuracy. It is important that you carefully consider your investment experience, financial situation, investment objectives, and risk tolerance level, and seek advice from an independent financial advisor to assess the suitability of your situation before making any investment. I do not guarantee the accuracy of the information provided and shall not be held liable for any loss or damage that may arise directly or indirectly from the content or the receipt of any instructions or notifications related to it. Please note that past performance is not necessarily indicative of future results
by darcsherry
🚀EURUSD finally broke the pennant! HUGE BUY OPPORTUNITY📈The bullish setup on EUR/USD is gaining momentum as price consolidates within a massive bullish pennant formation over the past three weeks. With the breakout now confirmed, a strong upward impulse is expected to continue the prevailing trend. This presents an optimal entry opportunity to go long on the pair. Traders can set their sights on multiple take profit levels based on technical analysis: the first take profit target is set at 1.09750, followed by 1.10600, and the ultimate target is located at 1.11400. Join the bullish ride and seize the potential for profits in this exciting setup! 🌟💹 Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if you think this insight was helpful 🚀💪
Long
by Thomas_Zito
33
Buying Opportunity📈 My bias is strongly inclined towards buying GBPUSD. Currently, I'm eagerly anticipating the formation of an Ascending Triangle trading setup. 🔍 There are two possible scenarios to consider: 1️⃣ Waiting for a retest back to the trendline for a prime buying opportunity. 2️⃣ Observing a violation of the red line at 1.2853, followed by a retest, before entering a trade. Stay tuned as we closely monitor the market for the ideal buying entry. Don't miss out on this potential opportunity for profitable trades! 💰💼 #GBPUSD #AscendingTriangle #TradingSetup #BuyingOpportunity #StayTuned
Long
by RaynLim
Hidden Diveregence : Bitcoin still got the strength to go North.Hey guys, How are you doing? I hope the market is treating you well and the hype is on the verge to explode like it always did in the previous pre-bull run scenarios. In today's insight I just want to remind you that a hidden bullish divergence is on the build up on the 4H time frame which can be considered as one more confluence and validation for the continuation trend. Divergences not only signal a potential trend reversal but can also be used as a possible sign for a trend continuation (price continues to move in its current direction). Always remember, the trend is your friend, so whenever you can get a signal that the trend will continue, then good for you! Hidden bullish divergence happens when the price is making a higher low (HL), but the oscillator is showing a lower low (LL). This can be seen when the pair is in an UPTREND. Once price makes a higher low (HL), look and see if the oscillator does the same. If it doesn’t and makes a lower low (LL), then we’ve got some hidden divergence in our hands by which we are seeing the scenario on Bitcoin's 4H timeframe chart. I will be updating more on the overall market trend and will give a weekly analysis on the end of the weekend. For now stay safe on your trades and keep learning. Wishing you a best weekend to have and stay blessed too.
Long
by cryptotalk_et
1
Identify Trend, FastThis is how I've identified the GBPUSD is going higher than most traders. If you look at the weekly chart, you would have spotted that the candle broke and close above the previous high; that gives me a sign even before it broke the current structure, and I've been saying that for over a month now. I'm focused on getting the buying on the buying opportunity. There are 2 buying opportunities I'm focusing on. A retest on the trendline on the daily chart is needed would be the magic candle confirmation. A Bullish Gartley Pattern trading setup that confirms at 1.2673. What are your thoughts on the GBPUSD?
Long
by RaynLim
🚩🐂 Bull Flag Breakout - Get Ready to Ride the Trend! 📈🚀We witnessed the formation of a flag pattern, which is a fantastic opportunity for trend continuation trades. This pattern indicates a temporary pause or retracement within an ongoing uptrend, followed by a potential breakout to the upside. As price consolidates within the flag, we anticipate a bullish surge to continue the upward momentum. Delving into the volume analysis, we can observe a significant pattern. During the retracement phase, the volume dwindled, indicating a decrease in selling pressure. However, as price approaches the breakout level, the volume is now surging again. This spike in volume near the breakout zone signals renewed buying interest and the potential for a strong upward move. With these elements in mind, it would be a great opportunity to enter a long position on the breakout of the flag pattern. As price clears the flag's upper boundary, we can anticipate a surge in buying momentum, propelling GBPUSD to higher levels. To optimize our trade, we can set multiple take profit levels along the way, aiming for 128.500, 129.400, and ultimately 130.400. It's worth noting that the moving averages are still acting as reliable support levels. This reinforces the bullish bias and provides additional confidence in the trade setup. As responsible traders, we can utilize these moving averages as potential areas to place our stop loss, protecting our position and managing risk. Or find a bullish candlestick in smaller timeframes to tighter the stop loss and maximize the risk to reward ratio, for traders with a more aggressive approach. Trade wisely, stay disciplined, and enjoy the journey as we embark on this bullish ride in the GBPUSD pair. 📈🚀🐂 Don't forget to press the like button if you think this insight was helpful🚀💪
Long
by Thomas_Zito
8
🪙📉 Gold: Double Top Breakdown - Get Ready for a Bearish Ride! Attention, traders! We have an enticing bearish setup in the Gold market on the daily timeframe. The key to this setup lies in the formation of the double top pattern, where price establishes two prominent peaks at approximately the same level. This pattern serves as a robust bearish reversal signal, indicating a potential downtrend ahead. As price stagnated below the neckline, which acted as a strong resistance, the bearish sentiment intensified. During this period of consolidation, a trend continuation triangle has taken shape. This triangle formation further reinforces the bearish bias, suggesting that the downtrend is likely to continue. As traders, we can leverage this setup and seek opportunities to profit from the downward movement. Looking at the indicators, the moving averages continue to show a bearish momentum. These averages not only act as resistance levels but also validate the bearish bias. The convergence of these factors further supports the bearish outlook, providing additional conviction for traders to consider entering a short position on Gold. With all these elements in place, it's time to seize the moment and enter a short position on Gold. The initial take profit level can be set around 1910, where we can secure partial profits and capitalize on the downward momentum. However, our ultimate target lies around the 1855 area, aiming to capture the potential continuation of the downtrend. As you navigate this trade, remember to take significant profits when approaching the target area, as it represents a crucial support zone. Please respect money management, dont place more than 2% on that trade also. Lets trade the trend ! happy trading !📉🪙 And don't forget to press the like button if you think this insight was helpful 🚀💪
OANDA:XAUUSDShort
by Thomas_Zito
8
USDJPY BULLISH BREAKOUT - How Using Alerts Can HelpToday we're taking a look at yet another breakout/trend continuation opportunity. As always we'll discuss why I like the level & where I think we'll ultimately head to. But I also wanted to show you how using alerts can help cut down the amount of time you have to spend on a chart & really allow you to streamline your trading day without it taking up too much time of your regular life. Please leave any questions & comments below. Akil
Long
by Akil_Stokes
2
📈 USDJPY: Bullish Breakout Mode Activated! (triangle) 🚀📈The formation of an asymmetrical triangle pattern has caught our attention. This pattern is renowned for its ability to indicate a continuation of the prevailing trend. In this case, the triangle formation suggests that the recent uptrend in USDJPY is likely to persist. To fully grasp the significance of this setup, let's dissect the recent market dynamics. We observed two distinct phases in USDJPY's journey. First, a strong upward impulsion propelled the pair from 140 to 142. This surge demonstrated the bullish strength behind USDJPY. Next came a consolidation phase, where price oscillated around the 142 level. This period of consolidation allowed market participants to catch their breath and assess the next move. Now, we find ourselves on the cusp of an exciting development as price breaks above the previous resistance formed during the consolidation phase. The breakout from the resistance level confirms the resumption of the bullish trend. It signifies the triumph of buyers over sellers, igniting a fresh wave of optimism. The stage is set for USDJPY to continue its ascent, and astute traders will be ready to ride this upward wave. As we embark on this bullish journey, it's essential to identify our potential targets. On the chart, we have identified three significant levels: 142.500, 143.000, and 143.500. These levels represent key resistance points where price could encounter some hurdles. Remember, it's wise to lock in profits partially at each target, securing your gains along the way. So I will buy from here at the retest of the previous resistance turning support with tight stop loss. and pretty confident about this trade since the overall momentum on higher timeframe is still bullish, and also knowing that trend continuation setups have high winning rate. Feel free to share your toughts in the comments section. And don't forget to press the like button if you think this insight was helpful 🚀📈
by Thomas_Zito
1