Hello Traders,
The USDJPY has been ranging for a while now. The range is contained by the 2 thick horizontal S&R-levels.
We are now interacting with minor S&R-levels inside the range and recently we broke out of the bottom half of the range.
I set a BUY LIMIT order above the possible retest of the support at 109.500 and set the SL below our recent low at 109.261. TP is set below the high of our range at 109.888 . See the arrows for my graphical projection.
Resistances: 109.682, 109.882
Supports: 109.500, 109.399, 109.261, 109.147
Trade characteristics: Trend continuation with limit entry on a pullback
Expected trade duration: 1-2 days
Risk-to-Reward-Ratio: 1.64
Any Likes or Opinions in the comment section are appreciated. I also post regularly, so if you like my content, make sure to follow me. :)
The USDJPY has been ranging for a while now. The range is contained by the 2 thick horizontal S&R-levels.
We are now interacting with minor S&R-levels inside the range and recently we broke out of the bottom half of the range.
I set a BUY LIMIT order above the possible retest of the support at 109.500 and set the SL below our recent low at 109.261. TP is set below the high of our range at 109.888 . See the arrows for my graphical projection.
Resistances: 109.682, 109.882
Supports: 109.500, 109.399, 109.261, 109.147
Trade characteristics: Trend continuation with limit entry on a pullback
Expected trade duration: 1-2 days
Risk-to-Reward-Ratio: 1.64
Any Likes or Opinions in the comment section are appreciated. I also post regularly, so if you like my content, make sure to follow me. :)