Counter-trend trade so be careful. Like I said in my DXY and USD pairs analysis, we might see an upwards correction in the Dollar this week. Price seem to have bounced off bottom of parallel channel. We might see it test broken weekly support before heading down more.
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Parallel channel was drawn on H4 timeframe:
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Daily view:
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Weekly horizontal support and ascending trendline:
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Original chart did not have the sideways channel. Changed the outline to turquoise for easy viewing. Here's my H1 view. If it returns back into channel, I would go long. Be careful as it might reject and just head downwards.
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Am in 20 pips already. Personally see more upside in this pair since it broke upwards of channel. Re-test now and then we could potentially see it springboard to broken weekly support.
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Still holding
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Closed partial positions, + 70 pips. Will look to re-enter if there's a chance. Holding till 2nd TP @ 107.30
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Perfect 100+ pips on this trade. All positions on USDJPY have hit TP, I'll now be waiting for Daily candle close and further confirmation on which direction price wants to go before taking another trade
Trade closed: target reached
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Will be looking to re-enter long on this pair now that sentiment has changed from neutral to bullish