USDJPY long, based on TL and fibonacci
The price has been rejected by Fibonacci 61.8 (110.5) and the TL from 2013. RSI and Squeeze Momentum (Lazy bear) is showing strength, and MACD is flattening out at bottom. EMA 200 is still in an uptrend.
Entered a long position at 113.5 with SL at 109, below TL from 2013 and fibonacci 61.8. Target 1 is the resistance at 116.3, and target 2 is 123, right below TL from 1998.
Entry 113.5
SL 109
TP1 116.3
TP2 123
Entered a long position at 113.5 with SL at 109, below TL from 2013 and fibonacci 61.8. Target 1 is the resistance at 116.3, and target 2 is 123, right below TL from 1998.
Entry 113.5
SL 109
TP1 116.3
TP2 123
Comment:
Forgot to mention that while RSI is showing strength, it is also locked in a downtrend. We need to see that it breaks out of the downtrend before we can confirm that it is showing strength. However it is starting to move upwards, and it does not have that much more room to move at the bottom, should it go down again.
Trade closed manually:
Closed due to lack of faith in the Yen. Closed at 113.56 with a gain of 1.06%.
