Hello Awesome Traders!
I trust you had a rejuvenating weekend and are geared up for the exciting trading opportunities the new week has in store. Let's dive right into USDJPY, where a compelling setup awaits our attention.
USDJPY has formed an ascending triangle pattern on its weekly chart, signaling a potential bullish move. The recent breakout above the resistance level at 151.944 marks a significant development, offering traders an opportunity to capitalize on the upward momentum.
While some may view the weekly chart as a longer time frame, it's important to note that setups like these can yield numerous trading opportunities on lower time frames. For seasoned traders, this setup presents itself as a golden opportunity, ripe for exploration.
Upon further analysis, I've identified a key level at 151.008 where we should keep a close eye for potential long positions. I'll keep you updated on any developments.
In terms of profit-taking, it's wise to aim for partial profits to lock in gains along the way. Consider targeting the following zones:
Partial Profits at 38% Fibonacci retracement level: 161.377
Target Zone 1 at 62% Fibonacci retracement level: 167.159
Target Zone 2 at 79% Fibonacci retracement level: 171.377
Stay tuned as we monitor this setup over the coming weeks, or even months.
Warm regards,
TCPLTP
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