USDJPY - Failed LL, expecting move to 109. Long entry set up.

1M

38.3% retracement.

1W

Bearish price action, but at least for now, failed to make a new LL. Definitely indicating changing dynamics.

1D

Price rejection, not making a new LL (at least at this time).

4H

Could retest TL. If hold, would be bullish sign. I'm looking for a move back to ~109 area.

I'm not in yet. Looking for a long entry point. Favorable R/R.

Comment:

Opened a small position yesterday. Typically in this situation i would add to my position at this point. I can do so and easily stay well with in my money management rules. The only thing holding me back is the timing...Friday with very limited trading time remaining. Debating placing a limited buy order.

Trade closed: stop reached:

Held small position over the weekend (less than 1/2 my allowable trade risk). SL triggered.

KEEPING SCORE: LOSS (93.3 pips)

My bias is still looking for long entry.