usdjpy - Head & Shoulders Bottom Part 2 (The Pullback Entry)

In late October I shared a post here on Trading view & in a YouTube video about a head and shoulders bottom pattern that formed on the USDJPY. This was a pattern that had 2 different places to get involved depending on how you prefer to draw your neckline (Slanting Trendline vs. Horizontal Resistance).

The slanting trendline was violated weeks ago but it wasn't until yesterday that we saw a violation of the horizontal level of resistance, finally giving me an opportunity to get in for a long. I say long because we also had a short setup earlier this week prior to the break.

For this trade, I used a classic pullback technique which simply means after the break of structure I waited for the market to retrace back down into it and looked for a reversal signal for longs.

I'll attach a link to the original idea below that way you can see the bigger picture setup.

I hope you guys have a fantastic Friday and a GREAT Weekend!

Akil