themikewwfx
Short

USD/JPY - Bearish Engulfing Candle Retesting Trend Line

FX_IDC:USDJPY   U.S. Dollar/Japanese Yen
A great bearish engulfing candle formed on a nice retest of a long term bullish trend line after breaking through back on 03/17/16.

Intraday charts showing bullish pressure being broken down and the bears completely taking over.

Easy 1:1 RR to the recent lows and from there price could dip all the way to 106.00 for closer to 5:1

NFP coming up can stir up some concerns, but im trading this completely technical.
Trade closed manually: Closed out this trade because price action was not giving me the reaction I was expecting the next day. Break even trade
Comment: Patience is key here folks! Correct analysis and missed out and a large amount of profit because of a small bit of support in price on a weak S/R line. Lessons to be learned here everyone!
Patience is key here folks! Correct analysis and missed out and a large amount of profit because of a small bit of support in price on a weak S/R line. Lessons to be learned here everyone!
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