The USDJPY is in the advanced stages of a 2 week plus Bull Flag consolidation (on the daily and weekly chart), firming just below the 2021 high formed in mid October. Significantly, the USDJPY is bumping into the highest levels since 2018, with the widely anticipated US Non-Farm Payrolls (NFP) on Friday potentially being a catalyst for a Bull Flag extension towards the 2017 high. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
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