USD/JPY - moves unpredictably, as the price falls down, then grows up and all these moves are on small volume. But overall, it is locked in the local consolidation a little below the level of resistance 113,20. So that our previous scenario remains the same: due to the strong uptrend we should still give preference to long positions. We can enter the market after a confident breakout of the resistance on large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is 120 pips.
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.