JoMarshall

Update: Structure Trade on USDJPY

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Following my post from yesterday on this pair, I mentioned how the market might provide us with a chance to get long but due to a relatively quiet day today we didn't quite get the press back down to the best area to get long on this pair, however, the market is stuck in a descending channel following the strong bullish move we had yesterday and the good news is, in this scenario, the market usually breaks to the upside so i've drawn up 2 ways that i think we're gonna get there. For those of you who still want to get long on this pair, i'd suggest you wait for the Blue Scenario (blue line) because that will give you the best R:R ratio. The pink scenario (Pink line) looks more likely to happen at the moment because of the recent double bottom that was formed at the 61.8 retracement.

Note: I'm not gonna be taking this trade because i already have a long position open (already booked 54 pips on my 1st target and 2nd target is still open).

http://www.tradewithme.co.uk
Trade closed: target reached

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