Guest Post by Nicola Delic
The US Dollar looks like forming a nice bullish pattern against the Japanese Yen. There is also a triangle pattern formed on the hourly chart of the USDJPY pair, which if breached towards the upside might clear the way for more gains moving ahead. The pair is likely in the second wave inside the triangle and if the triangle resistance is cleared it might head towards the 125.00 at least.
So, I think we should wait for a break, and then enter a buy trade. The greenback is under bullish pressure which favors more upsides in USDJPY.
Technical Analysis
20 Min– Chart representing the triangle structure as investors wait for a break.
Entry:
H1– We can enter a buy trade for USDJPY once the triangle resistance area is cleared and the pair settle above it.
Target 1: 125.00
Target 2: 126.00
Stop Loss: Below 123.50
Video Explanation:
