Descending Channel on USD/JPY @ D1

The descending channel formation on the daily chart of USD/JPY provides an opportunity to trade a bullish breakout. The channel's borders are marked with the yellow lines. The potential entry level is shown with the cyan line. The potential take-profit level is marked with the green line. I will set my stop-loss to the low of the breakout bar (not shown on the chart). I will ignore bearish breakouts from this channel.

Trade attivo:

Entry hit at 113.352 with SL = 112.388 and TP = 118.174.

Trade chiuso: stop raggiunto:

Closed by stop-loss at 3:24 UTC today.