glennmercer
Long

Long USDJPY: Long-Term TL Support + Fib Cluster + Engulfing

FX:USDJPY   U.S. Dollar/Japanese Yen
11 months ago
USDJPY             has formed a bullish engulfing candle on the 1HR chart, indicating possible upcoming bullish movement. The candle is supported by a strong 12-month-long trendline that price has respected 3 times previously dating back to January, 2015. At the PRZ, a bullish pinbar has formed on the daily chart . The wick falls on a series of fib levels from structure lows to structure highs, adding to the probability of support in that area. Entry is placed at the broken horizontal resistance on the 1HR chart with SL at the .886 retracement and target at the unhit monthly pivot for January, 2016. This setup yields a R/R of about 5.6.
11 months ago
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tntsunrise TOP
11 months ago
Same view ! Great Job
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glennmercer PRO tntsunrise
11 months ago
Thank you sir, I saw you were bearish yen as well great detail in that analysis brother
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tntsunrise TOP glennmercer
11 months ago
:)
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arturt
11 months ago
it was only bullish in next 4hrs
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