USDJPY 240 Long break above trendline

2 lug 2019

Don’t see a lot of ideas on the yen, so here is mine.
We have a good break and close above a solid falling humongous blue trendline since 24 April 2019.
Expecting continued long PA in conjunction with RSI rising trend. W%R is also solid above 20.

So for a trade, I am looking for a dip in the PA to where the bottom of the recent channel intersects with the current rising PA trendline. If we then get a break and close above the recent small SR line, I will plan for a long trade.

SL at bottom of recent channel.TP at large double test SRZ.

2 lug 2019

Nota

Well, here was the more obvious possibility, that the PA would break the small rising trendline and retest the big trendline as support. I didn’t consider this since at the time the RSI will still above its trendline

But this may work out better. We have been in a 4H DT since 24 April 2019. This sets up a short trade with the trend. We have a nice break and close of the RSI below the trendline. If the PA breaks and closes below the big trendline, and the W%R breaks lower, I will look at the short trade.