USDJPY Pwave Break
Updated
USD JPY is forming a P wave within a descending triangle structure.
Trade in the direction of the breakout. Confirm the hourly break first.
Long
1. Enter - resistance confirmed break (around 1.3510)
2. Stop - below triangle base (1.3470)
3. Target - swing high 1.3590
Risk = 40 pips
Reward = 80 pips
Short
1. Enter - break of triangle base around 1.3470
2. Stop - above triangle at 1.3510
3. Target extension of triangle entry wave 1.3390
Risk = 40 pips
Reward = 80 pips
Trade in the direction of the breakout. Confirm the hourly break first.
Long
1. Enter - resistance confirmed break (around 1.3510)
2. Stop - below triangle base (1.3470)
3. Target - swing high 1.3590
Risk = 40 pips
Reward = 80 pips
Short
1. Enter - break of triangle base around 1.3470
2. Stop - above triangle at 1.3510
3. Target extension of triangle entry wave 1.3390
Risk = 40 pips
Reward = 80 pips
Note
This may be the confirmation for a scalp break long....
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