USDJPY – SPOT: Buying On Breakout Higher Of The Nose Of Ultra-Small Bullish Pin Bar Signal
Price Action: Price formed an ultra-small Bullish Pin Bar Signal late last week.
The recent Bearish Fakey + Small Pin Bar Setup that had formed on Monday, Oct 3rd failed (We did not consider trading this Setup).
Potential Trade Idea 1: We are considering buying on a breakout higher of the nose of the current ultra-small Bullish Pin Bar Signal (Please note if the market gaps up at the open, we will wait to enter on a pullback).
Potential Trade Idea 2: We are considering buying on a retracement lower and after a price action buy signal, at or just above the 139.40 short-term support level, which concedes with the recent Inside Bar Breakout that had triggered on Tuesday, Sep 6th.