USDJPY has been bullish for a long time now (hence I am more bias on going long rather than short). Still, the movement of the price in the past few days makes me want to re-evaluate my view.
As you can see from this H1 graph, a possible channel is about to be formed. Both trendline (blue) are clones to ensure the angle of the line is uniform.
Not only that the current price is near the top channel, it is also currently near the level of resistance @119.75. If price fall down from this level, price may fall until 117.60 - 117.50
I am still waiting for further confirmation before going for this trade.
Trade currently on
Hit my SELL STOP @ 119.60 with 20 Pips SL. Best SL should be somewhere around 119.85.. where the channel will hence become invalid.
Current TP is 119.20.. a 1:2 risk reward ratio...
Hit my SELL STOP @ 119.60 with 20 Pips SL. Best SL should be somewhere around 119.85.. where the channel will hence become invalid.
Current TP is 119.20.. a 1:2 risk reward ratio...
Will see how it goes...