USDJPY Wedge Breakout and Long Opportunity
Pair / Instrument: USDJPY
Time Frame: H4
The trend in the Timeframe: BULLISH
The trend in the Daily Chart: NEUTRAL
Description: USDJPY ended the day above 110.400. The pair is trading at 110.800 as of writing. We look for a long opportunity at the breakout of the wedge pattern. Break and close above 111.000 will carry the price 111.430 and 112.000. If the trade goes as predicted 112.500 will be tested.
Trade Based On:Wedge Pattern
Stop Loss: 110.400
Take Profit 1: 111.430
Take Profit 2: 112.000
Take profit 3: 112.500
Update: Trade reached the first target. You can close 30% of your positions. We may see a retracement towards 111.100. The bullish move will continue as long as the price holds above 111.000
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 Wedge Pattern: 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