In the 4H chart, USD/JPY completes a down trend AB=CD around 120.20.
Enter Long position at 120.20; Target: 123.5; SL:119.80
A key area to watch out: 121.50. This is the 61.80% of the up-trend. If there is any big pullback in this area, it would be a confirmation that this is only a retracement of long term down-trend.
If the price goes above 123.80 (previously high), then buy at any pullback, targeting at 125.20.
Overall, it is a monthly plan, needs a lot of patience.
Enter Long position at 120.20; Target: 123.5; SL:119.80
A key area to watch out: 121.50. This is the 61.80% of the up-trend. If there is any big pullback in this area, it would be a confirmation that this is only a retracement of long term down-trend.
If the price goes above 123.80 (previously high), then buy at any pullback, targeting at 125.20.
Overall, it is a monthly plan, needs a lot of patience.
Trade active:
Buy at 120.20
Trade closed: stop reached