LONG USDJPY.- BULLISH

The whole point of Price Opening on Sunday Night 22:00 at 111.66 and declined to 110.97 on Tuesday can be called discounting!
Price moved too far and too fast for the buyers, Remembering the dovishness of the last FOMC meeting that took price way lower than the current level we are trading today. Having said all that. the Failure low at 109.70 all to 110.71 high resulted in an extended Bullish run to 111.80 using 50% retracement at 110.01.
The move explained above requires this retracement. If you measure the High 110.71 to the Higher high 111.80, the 61.8% is what we are trading today.
Hourly outlook backs this theory,;price failed to touch 50% 4/8 in the octave before printing a bullish continuation pattern that we are trading again Today.
Drill down to 5 min Chart, Price has been stuck on the 2/8 octave, having rejected the Best Long Entry Zone 1/8 Yesterday. As we know, USJPY must prove itself before it can be granted an entry into the trading range. Here, Rookies will want to sell more, be aware no selling is allowed here and higher prices will be seen in the near future. Above 5/8 , we can expect to see more vigorous buying when the rookies are now turning around with price.
In summary, USDJPY Long. 110.20.
Stop Loss: 110.07
1st Target: Upon approaching 7/8 111.62 may weaken price. Keep an eye for this zone, we will watch price closely.
Enjoy and trade carefully, Remember! Anything can happen, GOLDEN RULE!

Comment:

Keep waiting..
In order to pull the trigger we must see a close above 111.20

Trade active:

Now Buy at Cheaper price. Low risk

Comment:

So From the Feds Minutes. Expectation for USD is still positive.

where we at...

Trade closed: target reached:

This has been another fantastic run UP.
Profit taken: 111.87
+95 Pips