Yes, the LONG move is highly primed in! USDJPY is going LONG in 2022 Q1 and possibly Q2 as well depending on the FED hiking cycle and USD's economic data. Since the long-term weekly resistance was broken last month, USDJPY is highly likely to head higher. But now the big question on the traders mind is: how high can it go ?
Most financial banks are betting that it could HIT 120.00 or beyond and some are betting that it could go and run out of steam at 118.000 area. Here looking at the main chart, we could see the next higher high which could be a potential obstacle would be present at 118.000 level. Therefore based on pure price action, a TAKE PROFIT at 118.000 would be ideal. After that if the pair is ready to head higher, it would need to break this level first.
TRADE SAMPLE INSTRUCTION: (SEE THE MAIN CHART TOO)
ENTRY AT: 115.050 OR BELOW
TAKE PROFIT: 118.000
STOP LOSS: 112.200
RISK TO REWARD: 1:1
Trade safely compatriots.
Most financial banks are betting that it could HIT 120.00 or beyond and some are betting that it could go and run out of steam at 118.000 area. Here looking at the main chart, we could see the next higher high which could be a potential obstacle would be present at 118.000 level. Therefore based on pure price action, a TAKE PROFIT at 118.000 would be ideal. After that if the pair is ready to head higher, it would need to break this level first.
TRADE SAMPLE INSTRUCTION: (SEE THE MAIN CHART TOO)
ENTRY AT: 115.050 OR BELOW
TAKE PROFIT: 118.000
STOP LOSS: 112.200
RISK TO REWARD: 1:1
Trade safely compatriots.
