USDJPY Bullish Gartley and Triangle Breakout
We are Long on USDJPY. We have published a midterm trade plan for USDJPY last week. You may read the idea: USDJPY Pennant Breakout Long Term Forecast
As you will see on the below chart, Anka is trading above the EMA 50,100 and 200, taking the support of the trend line. The pair is currently trading at 111.330, testing the neckline of the Cup and Handle formation.
On the smaller chart timeframe, the pair completed Bullish Gartley at 111.120. Headed north. And we see that the pair is forming a triangle pattern.
Trade Plan for Midterm Trend Following Traders:
Long at the current level 111.330, stop loss below 110.400, targets 112.500 113.200 114.700 117.000.
Add Long at the breakout of the triangle. Projected breakout level 111.600 -111.800. Same Targets.
Trade Plan for Conservative Traders:
Long at the breakout of the triangle. Projected breakout level 111.600 -111.800. Same Targets.
The midterm Bullish scenario can change if the price breaks below 110.400 – 110.200.
We will update the members if we see any change in the picture or any trade additional trade opportunity.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
USDJPY Bullish Gartley:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility