fxstudent299

Rejoin major Uptrend in USDJPY on 4h chart after retrace

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Rejoin the major Uptrend in USDJPY on 4h chart:

I will try to enter USDJPY long @119.65,
SL 118.75 (-90), PT 121.60 (+195), (R:R=2.16)

1. Area between 119.53 (0.5 FibRetr) and 120.076 (0.618 Fib Retr) provides a lot of support, so maybe the price will not fall down to 119.65. If it does, great support between 119.50 and 118.95, so SL should be quite safe.
2. If nice pinbar on 1h chart betwenn 119.50 and 120.00, so will try to enter there with 0.5 position (same SL and PT).