Apologies for the late Upload, we have only just joint trading view!
We entered a long position on USDJPY @ 108.200
SL @ 107.590
TP1 @ 109.450
TP2@ 111.910
REASON FOR THE TRADE:
W1 TIMEFRAME - We initially ainticipated a break of the recent support to then follow down to 105 levels. But we have seen a strong resistance on the weekly timeframe showing a bullish pin bar which will have more upside potential still to go.
D1 - The daily timeframe shows the strength of this resistance and has pushed further upwards. there are many factors to consider with this pair because they are the headlines at the moment
SUMMARY:
With the current trade war cooling down, it has allowed the greenback to push to the upside. With this trade the technical levels are pointing towards hitting the 111.910 level, but we all know how abrupt trump can be. Take with caution before executing the trade, we have had a very good entry to this market. before considering entry I would wait for a retracement before placing an entry on this pair. I would also consider amending the current SL we have in order to have correct risk|reward set up.
Happy trading!
We entered a long position on USDJPY @ 108.200
SL @ 107.590
TP1 @ 109.450
TP2@ 111.910
REASON FOR THE TRADE:
W1 TIMEFRAME - We initially ainticipated a break of the recent support to then follow down to 105 levels. But we have seen a strong resistance on the weekly timeframe showing a bullish pin bar which will have more upside potential still to go.
D1 - The daily timeframe shows the strength of this resistance and has pushed further upwards. there are many factors to consider with this pair because they are the headlines at the moment
SUMMARY:
With the current trade war cooling down, it has allowed the greenback to push to the upside. With this trade the technical levels are pointing towards hitting the 111.910 level, but we all know how abrupt trump can be. Take with caution before executing the trade, we have had a very good entry to this market. before considering entry I would wait for a retracement before placing an entry on this pair. I would also consider amending the current SL we have in order to have correct risk|reward set up.
Happy trading!