Breakout on USDJPY

Breakout on USDJPY

19 February 2020, 12:20
Daniel Stein

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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