FX:USDJPY U.S. Dollar/Japanese Yen
We broke structure, now we've come back up to retest a previous level which coincides with the 786 Fib level. For these reasons along with a few other we've taken trade. Always remember to look at the bigger picture, always use higher time frame analysis!!!!
Comment: So we're still bumbling along but the consolidation just below a strong support level doesn't bode well. 1. You could say the fact that no strong bearish sentiment has kicked at a strong level is a sign of the short term strength. 2. You could also look at is as, European markets are closed, US market is slowing, Asian markets yet to open, play will resume shortly!
Comment: So stops are moved to Break even at this point as it's part of my trading plan. IF price moves within x points of my take profit THEN stops move to Break even. It's all in the plan.