The yen showed a significant and rapid price increase on Wednesday and now it is trading near the resistance level of 113.20 - 113.42, in which large volume is concentrated and which is also the upper limit of the consolidation. It should be noted that the upward movement was on average volume, which was evenly distributed throughout the chart, so it is impossible to single out a particular level or zone. Nevertheless, given the sharp price growth and the fact that it is located near the resistance level now, it is worth considering the scenario of breakdown of this mark and opening of long positions for the USD/JPY. The breakout movement must be sharp and on increased volume, after fixing the price above resistance, you can open purchases. Stop loss is worth a breakdown volume bar. The potential of the deal is more than 110-120 points.
The bottom line: long positions after a breakout of the resistance.
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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.