Usdjpylongsetup
USDJPY Long Reversal PotentialHi guys its Brian here with an analysis of USDJPY.
USDJPY has been getting hit hard recently so trying to go long can be pretty risky but I do see a potential price area that acts as support. This might be like trying to catch a falling knife so do it with caution and watch for reversal confirmations before entering to play it safe.
I have identified a support level at 104.575 where haves price reversed 3 times in the past (as seen by the green circle/oval) where initially it acted as a resistance but after prices broke through, it acted as support for the next 2 price test.
This support level also happen to be the 0.786 FIB extension level. If going long at the support level then take profit levels can be set in the price range within the blue rectangle where support will have turned into resistance now. Stop loss can be placed slightly below the support level.
Entry: 104.575
Take profit: 106.6 - 108
Stop loss: 103.3
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDJPY approaching support, potential for a bounce!
USDJPY is expected to drop to 1st support at 107.983 where it could potentially react off and up to 1st resistance at 108.378.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDJPY approaching resistance, look out for potential reversal!
USDJPY is approaching its resistance at 108.106 where it is could reverse down to its support at 107.801.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.