USDJPY Long, RR 1 : 2.0

USDJPY daily chart forming a triangle, will it break or bouce?
By using 4hourly TF, I will try a LONG position for breakout test with reasonable risk reward.

Reason :
- With the current PA in play, higher high forming in 4hourly TF.
- Price rejection from below as it is unable to crossover my EMA21, leaving long candle tail below.
- 3rd retest on descending trendline in Daily TF.
- Potential to reach next resistance points :

Entry point Long : CMP or any pullback at 112.80 area ; TP1 : 114.50 (+170pips) TP2 : 115.50 area ; SL 112.00 area.
Risk Reward 1 : 2.0
Always remember to trade with stop-loss, market is crazy & cunning*

Yorum:

Took some profit off 114.00 area after NFP data. Left some trades to reach target.

Happy Weekend traders !