TraderMozo

USDJPY - Back to test structure support

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
PAIR IN FOCUS: USDJPY
BIAS: BULLISH
HORIZON: SHORT-MEDIUM TERM


After breaking above structure level last week with the JPY weakening, price has retraced back to the structure level. As the uptrend remains intact, my bullish bias remains. Price could rebound from this structure level following a successful retest. Otherwise, if price breaks below this structure level, the bias could shift to bearish . This trade setup will be heavily dependent on the risk sentiment of the market this week - weather risk-off or risk-on sentiment will prevail.

TP 1 - 1:1 R:R
TP 2 - 2:1 R:R

Stop loss - below structure level

Let's see how this goes!
Trade closed: stop reached: As JPY strengthened, price could not hold the structure level and broke down to hit SL

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