rkarara

LONG IDEA FOR UPCOMING WEEK - USDJPY - 4 HOUR CHART

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
SEE PICS BELOW FOR FULL VIEW!

DAILY CHART
- price in a overall uptrend
- short pullback on daily chart
- price previously broke through resistance which was 122.878 now is support
- 112.878 level has been tested as S/R multiple times in the past (looking left)
- 50.0% fib level matches perfectly with 122.878 level

4 HOUR CHART
- price in a uptrend (confluence with daily chart )
- uptrend bias until price breaks past 112.560 level
- two nice rejection candles formed on 6 and 10 o'clock close
- RSI is at oversold level

TARGET
- looking for price to move back up and retest 114.552 level
- TP1 would be level 114.000
- TP2 114.552