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Trading Signal: USDJPY Channel Up Breakout
USDJPY has broken through the support line of a Channel Up pattern at 149.383 on the 4-hour chart, indicating a potential trend reversal. This key level has been tested multiple times in the past, adding significance to the breakout.
Trading Strategy:
- Short USDJPY at current market price or on a retest of the broken support level
- Place a stop loss above the resistance level to manage risk
- Target potential downside towards 148.5526
Technical Indicators Used:
- Channel Up pattern on the 4-hour chart
- Support line breakout confirmation
- Consider using additional indicators such as RSI or MACD for confirmation
Correlated Assets:
USDJPY may correlate with other JPY crosses such as EURJPY, GBPJPY, AUDJPY
Economic Calendar Events:
Watch for upcoming economic events such as US Non-Farm Payrolls, Bank of Japan rate decisions, and US-Japan trade talks that could impact USDJPY movement
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