USDJPY - Two trade setups if a breakout or pullback happens
Reversal pattern - Head and shoulders was successful,
Price broke out of the neckline to the 38.2% fib
Price retested the neckline and shot up to the 61.8% fib which is also previous resistance.
The RSI is overbought so its probably time for a correction
Two ways it can now move. -
1 - A breakout to the next resistance at 100% fib - I will wait for this breakout, a retest and then enter the trade
2 - A pull back to the 38% and then I will go long from there to the next resistance at 100%
Price broke out of the neckline to the 38.2% fib
Price retested the neckline and shot up to the 61.8% fib which is also previous resistance.
The RSI is overbought so its probably time for a correction
Two ways it can now move. -
1 - A breakout to the next resistance at 100% fib - I will wait for this breakout, a retest and then enter the trade
2 - A pull back to the 38% and then I will go long from there to the next resistance at 100%
Comment:
take some profit and move stop loss to 61.8% fib
2nd trade setup doing well