USD/JPY breakout trade setup with further upside

In the H4 timeframe, USD/JPY is in the process of breaking out the resistance area at 105.80. Since 28 Sep 2020, USD/JPY has been trading in the range from 105.2–105.8. After a minor sign of strength rally followed by a shallow back up action, USD/JPY seems ready to breakout to to test the upside target. If you would like a simple and proven breakout strategy, refer to the video below where I explain in detail the 1 technique I use in trading breakout to increase my winning rate and why it works.

Below are the key parameters for USD/JPY potential long setup for trading session on 7 Oct 2020, if there is a pullback for USD/JPY after this breakout.

Entry: long stop order at 105.97

Stop loss: 105.61

Take profit: 106.5

Resources

Weekly Market Outlook & Best Trading Advice straight to your inbox: https://www.tradeprecise.com/

Professional free Charting platform: Create an account→ www.TradingView.com