USDJPY – BUY – 29th April 2021

USDJPY – BUY – 29th April 2021 (Closed)

Good afternoon team,

 

We are revisiting the USDJPY as it appears to have created a nice a-b-c correction back down onto the key support at 108.43. GOLD is also setting up a possible head and shoulders formation, which if plays out should provide the fuel the USDJPY needs to move higher based on the inverse relationship.

USDJPY – 1 Hour Charts

Trade Setup: BUY MARKET EXECUTION, current price 108.65, stop loss 108.30 and take profit 109.40 

Stop loss: 35 pips

Take profit: 75 pips

Trade Setup
BUY - Market Execution

Entry
108.65

Take Profit
109.40

Stop Loss
108.30