We can see that the price on the daily chart has tested EMA 50(HIGH), EMA 100 & 200 too. These could be big supports for the USDJPY pair. It is testing another monthly support (all red horizontal lines). The next demand zone might be at the bullish trendline, where we need to see a confirmation at least on 4H chart.
It looks like there could be a pin-bar on the four hour timeframe, which should be our bullish confirmation for the intraday set-up. There are EMA’s, monthly support, bullish trendline and maybe a bullish pin-bar on the 4H chart. There are all strong arguments for a LONG position.
For the SL and TP targets, look into the comments below.
ENTRY: After pin-bar confirmation (around 111.110-150) TP: 0.5 Fibonacci retracement at 111.550 (or in the area of 111.370-111.550) SL: Below the pin-bar at 110.920
Comment
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RRR: 1.5
Trade closed: stop reached
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Our SL has been hit, but that seems like fake breakdown.