USDJPY - Breaking Out of Falling Wedge
USDJPY on 1H timeframe seems to have broken out of falling wedge and is testing resistance-turned-support line now. The orange dashed line shows resistance based on previous candles and is near to a crucial FIb level of 38.2%. A good entry would be when a candle closes above the orange dashed line (at 109.239). And the target can be the next crucial Fib level of 109.504. RSI seems to have broken out of downtrend line as well.
Entry - 109.240
Target - 109.500
Stop-loss - 109.120
Risk vs Reward - 1:2
Constructive criticism will be welcomed.
Entry - 109.240
Target - 109.500
Stop-loss - 109.120
Risk vs Reward - 1:2
Constructive criticism will be welcomed.