USDJPY has recently experienced a significant breakout, reaching levels not witnessed since 1990. Subsequently, it retraced to the 138.75 region, where it found support at both weekly and monthly bullish levels, indicating underlying strength in the market. Presently, the currency pair is showing signs of a renewed bullish trend on the daily timeframe.
Trade Entry Strategy:
Consider initiating a long position (Buy) at the prevailing market price.
Risk Management:
Place a stop-loss order below the most recent low, set at 137.111. This level will help limit potential losses in case the market moves against the trade.
Profit Target:
Set the take-profit order just below the latest high on the weekly chart, at approximately 149.89. This level offers the potential for a profitable exit, capturing gains as the currency pair aims to continue its upward trajectory.
It is essential to acknowledge that trading involves inherent risks, and past performance does not guarantee future results. Therefore, prudent risk management and diligence in monitoring the trade are recommended to maximize the potential for success. As always, consider your risk tolerance, financial circumstances, and investment objectives before executing any trade.
Trade Entry Strategy:
Consider initiating a long position (Buy) at the prevailing market price.
Risk Management:
Place a stop-loss order below the most recent low, set at 137.111. This level will help limit potential losses in case the market moves against the trade.
Profit Target:
Set the take-profit order just below the latest high on the weekly chart, at approximately 149.89. This level offers the potential for a profitable exit, capturing gains as the currency pair aims to continue its upward trajectory.
It is essential to acknowledge that trading involves inherent risks, and past performance does not guarantee future results. Therefore, prudent risk management and diligence in monitoring the trade are recommended to maximize the potential for success. As always, consider your risk tolerance, financial circumstances, and investment objectives before executing any trade.
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