USDJPY: Nice Level To Watch For A Buy Setup

Price is moving in a corrective structure after an impulse up move, and is now heading to the lower parallel of an upsloping modified schiff pitchfork with an active slope. If price reaches the parallel we should start watching for a buy setup trying to catch the next impulse with a tp at the median line. If we identify no setup at the parallels , we should wait for a breakout above the correction and watch for any pullback once again at the parallels. In conclusion any time price tests the lower parallel of the pitchfork we should watch for longs.

Comment:

Price has broken above the correction. In case it pulls back at the parallels we should start watching for a buy setup

Comment:

Structure shows that most likely price will head down very soon.. For those who are in this one you better close the trade with a small profit if you enter at the test of the lower parallel