USDJPY
Updated
USDJPY has been in a major uptrend since the start of Covid 19 pandemic.
With Feds raising interest rates to 3.25% the market fluctuation stopped me out at break even before continuing its bullish push breaking above the major 1 hour resistance level. Waiting for retest of this level with wick rejection and counter trend break bullish for entry. Retail sentiment bearish (most retail traders lose money).
Target is daily fib extension at 153.829
Stop loss: below market structure
Take profit: 3x risk
Exit strategy: market breaks support and fails to hold structure
With Feds raising interest rates to 3.25% the market fluctuation stopped me out at break even before continuing its bullish push breaking above the major 1 hour resistance level. Waiting for retest of this level with wick rejection and counter trend break bullish for entry. Retail sentiment bearish (most retail traders lose money).
Target is daily fib extension at 153.829
Stop loss: below market structure
Take profit: 3x risk
Exit strategy: market breaks support and fails to hold structure
Trade active
Note
Update:USD JPY bullish momentum to continue, this is how I am anticipating this pair to rise. Daily Fibonacci target at 153.829 (Future reversal/ resistance level or price). Our jobs as traders and investors are to buy the lows towards our target. From current price we have about 1000 pip bullish movement left and about 500 pips towards entry target (3x risk).
I'll be taking partial profits at major 1 hour resistance and stop loss to break even.
Once market breaks above resistance I'll scale in another bullish entry.
1 hour target at 148.953
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Trade closed manually
Trail stop reached
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