UsdJpy has been declining for some time.
Price has now tagged an area of key support at 108.13, i am expecting a bounce from this level (108.14)
But price could go for a extended move down and touch the potential trendline just below the 108 big figure.
We also got some harmonic/measured movement, since the last down and up legs have been the same in pip amount both up and down.
There are 2 ways to play this setup.
1: Agressive with entry at 108.14
2:Ice cold entry just below the 108 big figure.
SL on this setup is 107.40.
Take profit: i am looking for a move up to fill the open gap.
Risk vs reward on this setup is just above a 1:3 RvR ratio, good, but not great.
Price has now tagged an area of key support at 108.13, i am expecting a bounce from this level (108.14)
But price could go for a extended move down and touch the potential trendline just below the 108 big figure.
We also got some harmonic/measured movement, since the last down and up legs have been the same in pip amount both up and down.
There are 2 ways to play this setup.
1: Agressive with entry at 108.14
2:Ice cold entry just below the 108 big figure.
SL on this setup is 107.40.
Take profit: i am looking for a move up to fill the open gap.
Risk vs reward on this setup is just above a 1:3 RvR ratio, good, but not great.