Rising From The Wedge - Good Long Opportunity; 1100 Pips Ahead!
If you look at the chart at bigger picture, you would find this pair has been bearish since Dec 2014 where we can plot two trendlines forming a falling wedge pattern.
In March 2020 , this pair has bounced from it's major TL drawn from 2007.
Price has break major key level - SBR zone at 69.550 - 69.590 and it also break the upper TL of the falling wedge.
Now it moves in the bullish ascending triangle pending breakout.
The bullish momentum is expected to continue as Yen looses it's strength against other currencies.
Entry : 69.580
TP 1 : 71.58
TP 2 : 72.50
TP 3 : 73.30
SL : 69.00
This would be a beautiful long term setup as you can keep it for few months until it reaches it's next major TL.
In March 2020 , this pair has bounced from it's major TL drawn from 2007.
Price has break major key level - SBR zone at 69.550 - 69.590 and it also break the upper TL of the falling wedge.
Now it moves in the bullish ascending triangle pending breakout.
The bullish momentum is expected to continue as Yen looses it's strength against other currencies.
Entry : 69.580
TP 1 : 71.58
TP 2 : 72.50
TP 3 : 73.30
SL : 69.00
This would be a beautiful long term setup as you can keep it for few months until it reaches it's next major TL.
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Expand your stop-loss (forgot to mention)
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Hit 1st TP
