Breakout on USDJPY
Because most majors take a quick break there are only two interesting left. USDCHF and USDJPY.
While USDCHF is still fighting with an intraday resistance we'll have a look at USDJPY.
The most relevant time frames are in line and provide a great intensity (marked red)
Even the recently established W1 trend provides an awesome intensity of 98%.
So let's check the currency strength for USD and JPY.
After a pretty long ranging period there is a clear and powerful BUY momentum since yesterdays NY session close.
To check the current support and resistance situation it's best to see a full chart.
On this USDJPY H4 chart one can clearly see how the price broke through a major resistance from Mid January.
And this is the same situation on H1 where you can see a reasonable stop right below the last support level.
And while writing all this USDJPY was rising and the former resistance became a support level.
It's good possible that USDJPY will come back to this level and test it's stability from the upside.
So those who missed this entry can participate with a pending BUY order around this level.
Trade closed with +77 Pips profit at it's target 111.000
Other trades on cross pairs driven by this major have been closed as well
CADJPY +68 Pips
EURJPY +79 Pips
Total for today +224 Pips
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