USD Safety concerns over? - Ichimoku USD/JPY buy setup

Mar 31, 2019

The USD has successfully fought it's way back from new structure lows back into the kumo and is now attempting to breakout. We are close to having some final confirmations for a bullish entry but I'm waiting for a few more signs to really seal the deal for me. We are getting close to a kumo twist as the current kumo has started to thin out here but are still a bit short of the actual twist. The other deterrence I've see is the failed attempts to hold a breakout and the distance from tenken and kijun sen. So, I've place an entry above the wicks where we've been stifled at previously last week. If we can break up and beyond those wicks we should have a platform for support that price can springboard off of. This may or may not coincide with another drop to and test of tenken sen before this happens, if it happens at all, so I'm watching for that. Ive drawn out my longer term Take Profit level I'm looking at as well as some horizontal lines I've drawn out. These lines represent support and resistance areas I am watching to take partial profit off the table to limit my risk exposure in the event that this setup does in fact trigger. If we fail to hold our bullish confirmations or get the breakout we're looking for at our entry trigger, this setup may become invalidated.