USDJPY: Bullish Breakout in Sight?
Analyst Highlights Key Technical Indicators and Targets
In a recent video, Itai Levitan provided an in-depth analysis of the USDJPY pair, expressing a bullish outlook for the currency pair. He pointed to several technical indicators that suggest the pair is poised for a breakout to new all-time highs.
Key Technical Indicators for the above USDJPY technical analysis video
The analyst highlighted the following technical indicators as supporting his bullish thesis:
- The USDJPY has not yet touched the EMA20 or the VWAP first deviation area, which are both bullish signs.
- The pair has been forming a bullish triangle pattern, which is a common precursor to a breakout.
- The 150 round number and within the resistance zone, is probably going to be tested a 3rd time.
Target Prices
Based on his analysis, the analyst expects the USDJPY to reach a new all-time high of 151.90. He also believes that the pair will test the 152 and 153 areas in the near future.
Trade Setup
The analyst recommends a long trade with an entry price of 147.94, a stop loss of 146.22, and a profit target of 152.55. He warns that this is a swing trade and may take a few weeks to play out.
Risk Management
As with any trade, it is important to manage risk carefully. The analyst recommends using a stop loss order to limit potential losses. He also suggests using a trailing stop loss order to lock in profits as the trade moves in your favor.
Conclusion
The USDJPY is a volatile currency pair, and it is important to be aware of the risks involved before trading it. However, the technical indicators suggest that the pair is poised for a breakout to new all-time highs. If you are a bullish trader, the analyst’s trade setup may be worth considering. AT YOUR RISK ONLY, AS ALWAYS.
Disclaimer:
Please note that this is not investment advice. The analyst’s views are based on his own analysis and may not be suitable for all investors. It is important to do your own research before making any investment decisions.
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This article was written by Itai Levitan at www.forexlive.com. Source