USDJPY - Bullish Breakout + Confluence
Friday closed with an apparent Tweezer Bottom set-up retesting the descending triangle (See - tradingview.com/x/emHKug0D/).
A look at the 4hr chart confirms the price pattern breakout and subsequent retest. A successful test of the 50ema would confirm the Bullish momentum and might provide intraday traders an entry point.
Sticking with Swing Trading strategies, a stop loss at 123.15 and main profit target at 128.00 provides a near 5:1 Reward:Risk ratio.
Confluence includes:
A look at the 4hr chart confirms the price pattern breakout and subsequent retest. A successful test of the 50ema would confirm the Bullish momentum and might provide intraday traders an entry point.
Sticking with Swing Trading strategies, a stop loss at 123.15 and main profit target at 128.00 provides a near 5:1 Reward:Risk ratio.
Confluence includes:
- Tweezer Bottoms
- Low Test + Retest of Descending Triangle
- Keeping with long term trend
- Triple Bottom
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.