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.
111.51 looks like the beginning of the supply zone and that 110.30 area the beginning of the buy zone.
dipdizzywizzle
⋅
@Rocketman, I agree. I my have been a little aggressive on my target but if we get a good signal then I will look to dump the position and ride it back north.