USDJPY long bounce play coming up on the 4 hour chart. This setup will likely start off with London and carry through to the US session. I am expecting price to continue to drip down lower (price action is still 63 pips from the bottom of the channel) until we get a good solid bullish rejection just in time for the London session. Price has been trapped between the 112.103 - 110.098 for a week or so likely consolidation for the next big break out. Just the way I see things. Plan your trade and trade your plan.
Trade closed manually:
Closed my short position from the 111.500 area at the 110.500 now looking for a strong retest of support to stroke the gopher back up into the 111's.
Comment:
London is not really trading the gopher today so I'm not expecting much movement until the US open. Just missed profit target by about 13 or 14 pips.