Trade Setup: USD/JPY Long PositionI have entered a long position on USD/JPY following a confirmed breakout and close above the descending trendline on the 1-hour timeframe. The breakout signals a potential shift in momentum, with price now reclaiming key levels.
Entry: 149.20 (Breakout confirmation)
Stop Loss: 148.70 (Below recent structure support)
Risk Management Level: 149.00 (Adjusting SL if price moves favorably)
Target Levels:
TP1: 149.62 - Moving SL to BE at this point to manage risk
TP2: 150.12
TP3: 150.93
Trade Rationale:
Price has broken and closed above a well-defined descending trendline, signaling a potential bullish reversal.
The recent bullish candles show momentum, suggesting buyers are stepping in.
Risk is managed with a stop below recent lows, allowing room for volatility while protecting capital.
Targets are aligned with key resistance levels where price may react.