Here on the 4h chart of USD/JPY we have a potential long position setup in the coming Days / Week.
The grey box indicates the previous structure resistance which was broken on 26/05/2015.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support.
Taking a Fibonacci from the impulse leg of the move we get a .618% retracement coming in and the bottom of a bearish wedge, thus giving us more confluence to look at getting long on this pair.
Have a great trading week.
The grey box indicates the previous structure resistance which was broken on 26/05/2015.
With this being a strong resistance area prior to it's break, we feel this should act and hold as strong structure support.
Taking a Fibonacci from the impulse leg of the move we get a .618% retracement coming in and the bottom of a bearish wedge, thus giving us more confluence to look at getting long on this pair.
Have a great trading week.