Hi Traders,
Looking at USD/JPY H4 Timeframe, Price has been respecting the descending triangle since the begging of may, It will be very interesting to see if price will break out of the channel, If we do get a break out we can prepare for potential long positions, we also have a potential double bottom forming, This will only be valid if price breaks and closes above the neckline, then we can see if price can break above 127.50 and then 128.00 which is the main area I would like to see broken. If price breaks above I will be waiting for a pullback to form.
If price creates the pullback I will wait for price to start trending higher and also be trading above 128.0 before looking for buys,
If price fails to break above I will have to for price to create a clear direction.
Happy trading out there
Looking at USD/JPY H4 Timeframe, Price has been respecting the descending triangle since the begging of may, It will be very interesting to see if price will break out of the channel, If we do get a break out we can prepare for potential long positions, we also have a potential double bottom forming, This will only be valid if price breaks and closes above the neckline, then we can see if price can break above 127.50 and then 128.00 which is the main area I would like to see broken. If price breaks above I will be waiting for a pullback to form.
If price creates the pullback I will wait for price to start trending higher and also be trading above 128.0 before looking for buys,
If price fails to break above I will have to for price to create a clear direction.
Happy trading out there
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