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USD/JPY Breaking Out

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Colins-Technical-Takes.jpg

Recommendation: BUY

Current Trend: Sideways on all main timeframes.

Strategy: Go long the USD/JPY at current levels.

 

USD JPY CHART 7 DECEMBER.png

TRADE SUMMARY

  • The USD/JPY reached our downside target from the last time we recommended it (short) and it’s since bounced off line 4 support nicely.
  • Right now it’s forming an inverse head and shoulders (s-h-s). It is more clearly visible on its line chart (not shown). I've ignored the spikes on its candle charts above. It is breaking out above the neckline (line 3).
  • Go long the USD/JPY at current levels.
  • Minimum target is up to 114.00, based on the inverse H/Sh. Take profits there. Further potential is to line 2 at 114.35.  (From there one should look at shorting it again).
  • The stop-loss for now is a close below 111.60. Once it gets to 113.60, raise the stop to your entry point (breakeven). And from 113.85 raise it again to a breaking of its prior one-day low.

 


 


 
 

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