In this article, we want to give you a “heads up” on USDJPY.
The pair is bouncing off the strong uptrend support confluence 110.500-110.850 zone. When you look at the big picture, you can also see the rounded bottom and the price action ready to explode higher from “eclipsed” wedge.
We are seeing the bullish shadow candle formation showing on the daily chart but we need to wait for a daily close to confirm this. This price action is giving to all traders a good long trade entry opportunity, as long as the pair is holding above the 110.850 level.
In this kind of situations, waiting is not a good option. Traders should wait for a late NY session to enter the long trade. The risk by placing a stop loss below 110.850 level is almost 100 pips but the possible reward could be much greater even more than 200 pips. Profit target should be no lower than the 114 level.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
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