USDJPY [1-3 days view]

Long USDJPY
Entry: 111.285
SL: 111
TP: 112.5

Long position was kicked in as market pulled back towards ascending channel support. This also corresponds with a strong supply/demand level.

Market also testing EMA (120) where price reacted above before. This can also be seen on RSI (34). I have pointed it out using the purple arrows. RSI (34) also coming to test ascending trendline support.

Trade active:

Market moved in the expected direction.
However, indicators now look abit weaker..

Moved my SL to 111.315 cover swap costs and commissions.

Trade is now risk-free.

I stress again. Risk management is and has always been of utmost importance.

Trade closed: stop reached:

Market reversed and took out my trailing stop. Risk free trade.