A Golden Cross has just appeared on the USDJPY chart, signaling a potential bullish move. This technical pattern occurs when the 20 period moving average crosses above the 60 period moving average, a widely recognized indication of increasing buying momentum. Historically, this setup often leads to further price appreciation as traders and investors react to the confirmation of an uptrend.
At the same time, the pair is encountering resistance near the 149.15 level, forming multiple tops in this zone. The more frequently a level is tested, the weaker it tends to become, increasing the chances of a breakout. If buyers continue to pressure this resistance, a break above it could trigger a strong upward move.
Given these technical signals, we plan to enter buy positions at 149.20, expecting a breakout beyond this resistance. Our profit target is set at 200 pips, aiming for a significant upside move. To allow for natural market fluctuations and avoid premature stop-outs, we will set a stop loss at 1.5%, ensuring enough breathing room while maintaining risk control.
Profit & Loss
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