USDJPY - Trading the Pullback after Breakout -
Hi Traders!
The market is in a longterm Donwtrend.
To get a short overview , let's take a look to the Daily Timeframe:
Here we can see that the market is moving in a descending Parallel Channel.
So, it is making lower Lows and lower Highs, but it then makes big Pullback.
We also marked up the two most important Levels: The Resistance at 106.000 and the Support at 103.000.
Let's move on to the H4-Timeframe:
In this screenshot we can identify this strong Trendline.
As you can see, the market fell with less and less Pullback and also slower and slower, until it reached a Level.
At this Level the market rested a time until the Trendline reached it.
Then it broke out of the Trendline bullish with high Momentum.
Because it hasn't done a decent Pullback yet, we expect the market to reach the 104.200 Level.
For the future we expect the market to reach the upper Channel Trendline, but we also have to see how it developes.
Lastly, here is the H1-Timeframe:
In this Timeframe we defined our TP and SL more accurate.
The SL is above the current High and the TP is between the 38.2% and 50.0% of the Fibonacci Retracement Levels.
We recommend to trade the market carefully, because there is still much bullish power into it.
Thanks and successful Trading :)!
The market is in a longterm Donwtrend.
To get a short overview , let's take a look to the Daily Timeframe:
Here we can see that the market is moving in a descending Parallel Channel.
So, it is making lower Lows and lower Highs, but it then makes big Pullback.
We also marked up the two most important Levels: The Resistance at 106.000 and the Support at 103.000.
Let's move on to the H4-Timeframe:
In this screenshot we can identify this strong Trendline.
As you can see, the market fell with less and less Pullback and also slower and slower, until it reached a Level.
At this Level the market rested a time until the Trendline reached it.
Then it broke out of the Trendline bullish with high Momentum.
Because it hasn't done a decent Pullback yet, we expect the market to reach the 104.200 Level.
For the future we expect the market to reach the upper Channel Trendline, but we also have to see how it developes.
Lastly, here is the H1-Timeframe:
In this Timeframe we defined our TP and SL more accurate.
The SL is above the current High and the TP is between the 38.2% and 50.0% of the Fibonacci Retracement Levels.
We recommend to trade the market carefully, because there is still much bullish power into it.
Thanks and successful Trading :)!