USDJPY Launches Higher, Looking For Breakout Pullback Setup | Nov. 21st

USDJPY – JPY Pairs Soar on Back of Abe Comments
While Abe was talking about doing more QE, the JPY pairs launched across the board with several of them jumping 200-300 pips on the day. The USDJPY is offering a few pullback setup locations to get back in long on the uptrend which we think still has room to run. In the chart below, our first location to look for longs would be the intra-day support at 100.90 which formed a short term breakout pullback setup during the day. Deeper pullbacks would then put 100.42 in focus which was the key SH (swing high) and resistance for the last 7 days. The first one is for more aggressive traders while the second plays to the more conservative trader. Upside targets are 101.52 and 103.70.

usdjpy breakout pullback setup price action 2ndskiesforex

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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