$USDJPY - Downtrend Broken - Retested - S/R Flip at Yearly Pivot
USDJPY Looks primed for a move up.
Major downtrend line has been broken, and retested. This downtrend spanned over 3 years
After the break - we visited the Yearly Pivot level, which led to the retest of the downtrend line, which bounced well.
We then broke through the old high, and the pivot and now have a perfect S/R Flip right at the yearly pivot - with a well established new uptrend line forming.
Mike Pence, the US Vice President has made comments while the market was closed about the possibility of doubling the tariffs on China - i would like to be patient and wait for a pullback to the gold box, but depending on how the market reacts to this news, i may chase this one, as the pivot S/R flip would serve as strong support imo
Target 1: 117.50
Target 2: 119.90
Target 3: 123.74
Major downtrend line has been broken, and retested. This downtrend spanned over 3 years
After the break - we visited the Yearly Pivot level, which led to the retest of the downtrend line, which bounced well.
We then broke through the old high, and the pivot and now have a perfect S/R Flip right at the yearly pivot - with a well established new uptrend line forming.
Mike Pence, the US Vice President has made comments while the market was closed about the possibility of doubling the tariffs on China - i would like to be patient and wait for a pullback to the gold box, but depending on how the market reacts to this news, i may chase this one, as the pivot S/R flip would serve as strong support imo
Target 1: 117.50
Target 2: 119.90
Target 3: 123.74
Note
I fought the FOMO and got an entry at the planned price
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.