USDJPY – USD Looks like a Buy versus the Yen

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:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.