USD/JPY – Huge Momentum After Running Triangle Breakout
As we could see after yesterday’s webinar, USD/JPY dropped like a stone from POC giving us more than 140 pips of a profit. The setup was based on a running triangle and general 114.00 rejections, and straight after the webinar we had a trade that is more than 140 pips in profit now. But that’s not all. Traders should pay attention to L4 breakout as 4h close or H1 momentum below could tank the price further down to 112.20 all the way to 111.55. If the price rejects off 112.50-60 zone, watch for a retest of 113.20-35 zone (L3, doube trend line, EMA89) that could give us another shorting opportunity. MACD momentum is very strong so L4 breakout is possible too, but only if we see a valid H1/H4 close.
USD/JPY H1 Chart