Been waiting a long time on this setup. USDJPY has just broken out of a huge wedge. The exit coincides with a key zone, which can be used as a confirmation for entry and a guide for stop loss. This pair has also managed to remain above its 89 EMA, suggesting upward momentum. For this trade, strong resistance zones will be used as target prices. If the pair falls back into structure, below its 89 EMA, and/or into support zones, this is a false breakout and the target will be the bottom of the wedge.
SL: 110.11
TP1: 114.58
TP2: 118.68
TP3: 123.63
SL: 110.11
TP1: 114.58
TP2: 118.68
TP3: 123.63
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USDJPY is still flirting with the long term structure and in a key zone. There is a potential that it may not breakout soon - instead, rebounding from a key support and the bottom of the structure.