USDJPY Technical Overview: Bullish Flag Formation and Long Opportunity
We have publsihed a trade setup for the members based on wedge breakout. Trade reached the first target and Anka pulled back to 111.000 – EMA 50 Support of the H4 Chart-
USDJPY is trading at 111.200 as of writing.As seen on the hourly chart we see a bullish flag formation on the H1 Chart timeframe.
An upsie break of the flag would carry the price 112.000 psychological level.
On the other side,the pair could ease further in the case US Treasury yields retreat, with a break below 110.90 required to confirm additional declines.
Upside: 111.520 111.710 111.900
Downside: 110.900 110.700 110.500
We will focus on the flag breakout and will publish the trade idea for the members.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
USDJPY Technical Overview: 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