Today I attempted to buy USDJPY with a stop-loss at 148.13 and a take-profit at 149.20. The sharp rise in USDJPY on the M15 timeframe, as seen on the chart, indicates strong market momentum. Typically, such movements arise from fundamental factors or market sentiment that strongly favors the dollar against the yen. However, from a technical perspective, these movements still present a significant opportunity for traders to take trend-following positions. In situations like this, a common pattern is a small consolidation or sideways movement after a sharp price spike, before the market eventually resumes its main trend. This pattern has begun to emerge around 148.60 to 148.70, where prices move flat after the spike.
