USDJPY🗝️ LEVELS TO WATCH👀 AND WHY 🤔

Hello Awesome Traders!

I trust you had a rejuvenating weekend and are geared up for the exciting trading opportunities the new week has in store. Let's dive right into USDJPY, where a compelling setup awaits our attention.

USDJPY has formed an ascending triangle pattern on its weekly chart, signaling a potential bullish move. The recent breakout above the resistance level at 151.944 marks a significant development, offering traders an opportunity to capitalize on the upward momentum.

While some may view the weekly chart as a longer time frame, it's important to note that setups like these can yield numerous trading opportunities on lower time frames. For seasoned traders, this setup presents itself as a golden opportunity, ripe for exploration.

Upon further analysis, I've identified a key level at 151.008 where we should keep a close eye for potential long positions. I'll keep you updated on any developments.

In terms of profit-taking, it's wise to aim for partial profits to lock in gains along the way. Consider targeting the following zones:

Partial Profits at 38% Fibonacci retracement level: 161.377

Target Zone 1 at 62% Fibonacci retracement level: 167.159

Target Zone 2 at 79% Fibonacci retracement level: 171.377

Stay tuned as we monitor this setup over the coming weeks, or even months.

Warm regards,
TCPLTP

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