When look at the 4 hour and daily time frame for USDJPY there is a nice bullish setup. For this idea I have decided to go with the daily since it gives a more long term view.
The price is currently pushing at the resistance and if it closes like this the candle will have closed above the resistance. The price is also nearing the 14 EMA and 72 EMA which both are almost at the same line. A break of the resistance and the EMA levels will mean that USDJPY goes back to 114+ territory where there are the next 2 strong resistances. Besides this we also have a nice bullish crossover on the stoch rsi shows buying pressure will increase and the ADX indicator shows a bullish claw (red line sharp point down, green line sharp point up) indicating that the bullish trend is taking over.
Buy around 111.70-112.
SL: 111.20
TP: I prefer to keep it up and follow the price by 50 pips with your stop loss.
The price is currently pushing at the resistance and if it closes like this the candle will have closed above the resistance. The price is also nearing the 14 EMA and 72 EMA which both are almost at the same line. A break of the resistance and the EMA levels will mean that USDJPY goes back to 114+ territory where there are the next 2 strong resistances. Besides this we also have a nice bullish crossover on the stoch rsi shows buying pressure will increase and the ADX indicator shows a bullish claw (red line sharp point down, green line sharp point up) indicating that the bullish trend is taking over.
Buy around 111.70-112.
SL: 111.20
TP: I prefer to keep it up and follow the price by 50 pips with your stop loss.
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