If you take a look at the daily chart and go back to January 2017, USDJPY has been on a bearish trend ever since. Depending on where you draw the trendline, USDJPY FINALLY breaks the trendline in March 2021, then retests the trendline in April/May retracing 38% of the strong bullish impulse. The optimal time to buy was at this 38% retracement, however, we can take the strategy of "riding the wave" up to our target. Let's wait till price retraces on the 4-hour chart to a 61% retracement level, where I've indicated a good long entry. This trade will be worth around 310 pips.
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