Hello everyone! I hope you had a great weekend! I am taking a look at the USDJPY on the daily timeframe today.
It is currently in what appears to be a triple bottom. If price breaks above the MN1 resistance, then we should see a Trend Reversal.
If price breaks below the W1 support, then we may see a continuation of price.
Here are my thoughts:
Long entry if we see a break to the upside of 106.892
Short entry if we see a break to the downside of 100.190
So, where will price go once we see a break?
Upon a break of the two levels provided, we may see the following price movement:
Long – 109.572752, 111.75711, 113.74289
Short – 98.410
Now remember, this is the daily chart we are looking at. What does this mean?
Each candle is one day in duration
The chart above shows all the way back to May 2015
This would be a long term trade
Cheers to success and see you all in the room!