Why I am long usdJpy

FX:USDJPY   U.S. Dollar/Japanese Yen
I am long UsdJpy             - at 1.1190, since yesterday - I will explain why

It is clear now on the daily chart that the previous lows have been rejected
We see large volume on the initial lows and less volume on another push down towards these lows
This indicates that the market is exhausted bearish , and will turn bullish
We see that in the oscilator indicators - there is bullish divergence

My SL is below previous lows and my first TP is at 38.2% fibonacci retracement of move down
this level has not been reached yet - but - in my opinion - will be broken
There should be some retracement off 38.2% daily fib (maybe back to 23.6%)
I will take out half of my profit at 38.2%, and let the rest ride to 61.8% fib retracement
which is a natural retracement and TP target
Comment: Pair looking strong here - bullish engulfing candle today after pullback
Comment: Expect first target to be hit soon now - pullback seems over
After sweating it out for two months with my long I am now a bit more confident - UsdJpy will recover before too long and my TP will be hit
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out