I see usdjpy forming a potential cup and saucer pattern on the weekly chart and at the same time it seems like it can make a good move to 118.18 in the coming weeks. The image attached is that of the daily chart showing a Fibonacci retracement to the 61.80% level.
Further more the move up from 105 to 118 (from nov 2016 to jan 2017) has broken the downtrend on the daily chart. This makes me think that the current price is a good level to enter.
The trade would be as follows:-
When the first target is hit, move the stoploss up to 116.8 and exit half of your position.
Trade safe. Manage risk well and don't get emotional.
Legal disclaimer:This is not to be taken as trading or investment advice in anyway, I am not responsible for you trading actions.
Further more the move up from 105 to 118 (from nov 2016 to jan 2017) has broken the downtrend on the daily chart. This makes me think that the current price is a good level to enter.
The trade would be as follows:-
- Place an order to buy at 115.12
with a stoploss at 111.10
a take profit lvl1 at 117.9
take profit lvl 2 at 121.3
When the first target is hit, move the stoploss up to 116.8 and exit half of your position.
Trade safe. Manage risk well and don't get emotional.
Legal disclaimer:This is not to be taken as trading or investment advice in anyway, I am not responsible for you trading actions.