Home Forex Market Analysis Forex Signals USDJPY – Expecting the Breakout

USDJPY – Expecting the Breakout

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Description

The USDJPY pair currently develops a bearish corrective move of the bullish impulsive sequence that began on March 09th, at level 101.227 and found sellers at level 111.715.

Currently, the price action looks like found short-term support near level 107. The risk-on sentiment driven in the Monday trading session could boost the price until previous highs.

A bullish position will activate if the price breaks and closes above 108.29. Our conservative scenario foresees a potential target at 110.816. The level that invalidates our scenario is placed at 106.712.

Chart

Trading Plan Summary

  • Entry Level: 108.290
  • Protective Stop: 106.712
  • Profit Target: 110.816
  • Risk/Reward Ratio: 1.6 to 1
  • Position Size: 0.01 lot per $1,000 in account.

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