Long USDJPY - If we can go above 20EMA on 1h chart

FX:USDJPY   U.S. Dollar/Japanese Yen
335 3 6
Trading idea on 1h chart:
Long USDJPY             - If we can go above 20EMA

- during the period 30.12.2014-02.01.2015 a very similar setup was in place
- most important part of it for the price is to stay for at least 3 hours above 20EMA, then to run up to the last resistance (at about 119.0-119.2) and thereafter move back to the level of the low before very last lowest low
- if that level is reached, I would assume it is the first higher low after lowest low and see the 20EMA as dynamic support line
- if EVERYTHING is in place, then:
Open Long at 118.70, Risk-Reward = 2.0,
SL@118.00 (-70), TP@120.10 (+140)

Disclaimer: There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
- the market is a little stronger as expected and everything is in place
- I will move MY buy limit to 118.81 (from original 118.70)
- I will move My SL to 118.30
moved SL to 119.03 to lock in profits, if market falls below support zone (119.05-119.20)
- I got stoped out at 119.03
- dont like the correction after FOMC Meeting Minutes
- if still in trade, I would my trailing stop at 119.04 and take profit at 119.50
Good luck!
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