USD/JPY high probability long strategy

We have long targets for USDJPY after breaking a falling wedge at the 1.272 and 1.618 extension, at the same time price targets for the falling wedge breakout meet pretty accurately within these ratios. You can even see price making its way back to the pullback after a throwback to the wedge´s upper trendline.

These long strategy follows a major bullish trend forming in a new historic and economic context in which the dollar keeps gaining value against the all-time famous Japanese safe haven currency thanks to the news on interest rates which the FED is meant to rise periodically from now on.

1st Target: 127.2 % or 113.020
2nd Target: 161.8 % or 113.740

Safe trades everybody !

تعليق:

First target about to be hit. Dollar getting stronger amid trade wars anyway, second target looking legit, perhaps a deep correction may come through before the next impulse to that 1.618. Have a nice week!!

أغلقت الصفقة: تم الوصول للهدف:

Second target finally accomplished. Great long position which came to an end on the perfect day. Have a great weekend everyone! I'm having a drink on this one. Cheers.

تم فتح الصفقة:

I forgot to make a follow-up as a second long position was triggered (October 11th) seen on the chart. Looking again for a profit on that 161.8 %, maybe beyond that to 114.089!

تعليق:

I'd like to point out that the best entry for this second long should have been at the 111.700 support, or even best at the 61.8 % level of the whole Fibonacci projection.
Cheers