Fear Over? - USD/JPY Ichimoku Long Trade
This is a pretty simple setup.
We've been stuck in this range for a little while now but look like we'll be trying to test previous price structure resistance soon.
I'm looking for a drop to tenkan sen and support to hold for a decent long entry.
We're also close to a bullish kumo twist which would help give us a little more confirmation that we will be heading back up here soon.
I've drawn out partial take profit levels on our way to our target and our risk to reward looks decent here.
If we fail to find support or complete the bullish kumo twist, this setup may become invalidated.
We've been stuck in this range for a little while now but look like we'll be trying to test previous price structure resistance soon.
I'm looking for a drop to tenkan sen and support to hold for a decent long entry.
We're also close to a bullish kumo twist which would help give us a little more confirmation that we will be heading back up here soon.
I've drawn out partial take profit levels on our way to our target and our risk to reward looks decent here.
If we fail to find support or complete the bullish kumo twist, this setup may become invalidated.
Comment:
This played out exactly like we were looking for. Great little trade!