USD/JPY Bullish Trade Setup: Buy Limit at 149.5
This USD/JPY trade strategy capitalizes on the currency pair's strong uptrend as identified from the monthly, weekly, and daily charts. The current price near 149.5 presents a compelling entry point for a bullish position. The setup involves:
Entry Point: A buy limit order at 149.5, positioned just below the current market price, aiming to capture potential upward momentum.
Stop Loss: Set at 148.5, below a recent swing low on the daily chart, providing a safeguard against unexpected downward movements.
Take Profit: The initial target is 151.5, just below the key resistance level of 152.0. This level is chosen based on the price’s historical performance, where it has yet to break this significant barrier.
The trade is backed by an overarching bullish trend, reflected in the higher highs and lows observed across all three timeframes. While the fundamental outlook indicates the USD's strength, particularly with better-than-expected retail sales data, the high sell sentiment in the market suggests a possibility of a short squeeze, further supporting a bullish approach.
Entry Point: A buy limit order at 149.5, positioned just below the current market price, aiming to capture potential upward momentum.
Stop Loss: Set at 148.5, below a recent swing low on the daily chart, providing a safeguard against unexpected downward movements.
Take Profit: The initial target is 151.5, just below the key resistance level of 152.0. This level is chosen based on the price’s historical performance, where it has yet to break this significant barrier.
The trade is backed by an overarching bullish trend, reflected in the higher highs and lows observed across all three timeframes. While the fundamental outlook indicates the USD's strength, particularly with better-than-expected retail sales data, the high sell sentiment in the market suggests a possibility of a short squeeze, further supporting a bullish approach.
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