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

FX:USDJPY   U.S. Dollar / Japanese Yen
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.
Trade active
it was only bullish in next 4hrs
Same view ! Great Job
glennmercer tntsunrise
Thank you sir, I saw you were bearish yen as well great detail in that analysis brother
tntsunrise glennmercer
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