FX:USDJPY U.S. Dollar/Japanese Yen
Following my post from yesterday, the market has now come back a little little deeper than where i said it would but it's still a valid long trade in terms of the structure trade i posted yesterday and if you're a pattern trader instead, the market has given you another alternative by forming another which has just completed. I'm still gonna be staying out of this trade because my second target from the first i posted a few days ago is still open. Another good thing about this trade is the fact that my is showing oversold conditions so i expect a pop back up from this point, so only time will tell now.
Trade closed: target reached
Yes of course anything is possible, besides, if you look at this pair on a higher time frame(H4) you can see that the market is turning bearish because we had a double top and a rising trendline support that was broken so if you ask me, it's just a matter of time before we see a major downward correction but I only trade H1, M30 & M15 and looking at my chart on those time frame the opportunity that's presenting itself is a bullish trade and I only trade what I see. But if we do break below that triangle you have on your chart (pink) then I'll take my loss with a pinch of salt and try and look for a bearish trend continuation trade. Hope that helps.