Simphiwe_FX
Long

USDJPY: DOUBLE BOTTOM LONG TRADE

FX:USDJPY   U.S. Dollar/Japanese Yen
64 0 1
This pair has been extremely bearish for a several months now, however due Brexit we have seen this pair collapse to ancient lows. However with that being said, I have a short term bullish bias on this pair as I expect the market to retrace to the 50% - 61.8% levels and complete the "ABC" structure were it will then fall dramatically to create a new lower low "D". Below are my reasons for entering the trade:

* Double bottom/ support retest
* Indecision candles on the lower timeframes at support .
* H4 Stochastics crossed & about to exit the oversold area.
* Entry timed on the minute timeframes as there was a double bottom reversal pattern forming.

FX:USDJPY            


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