USDJPY has formed bullish divergence on the daily RSI as indicated by the yellow lines on my chart.
It's near the bottom of its wide bearish channel and near Brexit lows.
I'm looking for the pair to break the interchannel trend resistance (black line) to indicate the start of a bullish move.
I've used a combination of price action and the 11 period daily ATR to calculate a safe SL and have achieved a final R:R of 3.26 for this pending buy stop order and am sizing my order appropriately in order to take a risk just below 2% of my account should the pair proceed to my SL after entry.
It's near the bottom of its wide bearish channel and near Brexit lows.
I'm looking for the pair to break the interchannel trend resistance (black line) to indicate the start of a bullish move.
I've used a combination of price action and the 11 period daily ATR to calculate a safe SL and have achieved a final R:R of 3.26 for this pending buy stop order and am sizing my order appropriately in order to take a risk just below 2% of my account should the pair proceed to my SL after entry.