Double bottom for USD/JPY. Possible long for Dollar?
Daily chart on the USD/JPY seems to give out a couple of signals that could be worth a long dollar trade. On the chart above, the 'U' shape for a possible Cup and Handle pattern might be shaping, combined with a double bottom at the 107.80 area are giving me the confidence to enter this trade. The fib. retracement just above the 61.8% is the reinforcement I was looking for.
Entering the trade 108.63, with a stop loss @ 108.15 and a take profit @ 109.50.
Good luck