USD/JPY has been very boring until today. Note how price has broke above the lower distribution area and rejected an attempt to re-enter the lower distribution area. Bond spread rising and price action indicate a high probability of moving higher from current levels. Stop only needs to be below the high volume node of the lower distribution so risk reward looks good
Trade closed: stop reached
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Closed at 106.88 with 20 pip loss. Reversed now short from 106.88
@mariospencejr, thanks, on paper it looked good but once it came back into value in the lower distribution area that was a bad sign and signalled further move lower or continued consolidation. I reversed and went short at 106.88.