Today we take a closer look at USDJPY that has just broke out from an uptrend momentum.
The overall trend is still bearish even though previous upside impulses had some impact but didn't change the overall sentiment.
Here my entry point is based on the retracement on the break out point.
If there is further spill this trade idea will be rejected so further downside without any retracement whatsoever is also a possibility .
We are expecting things to play out in the exact same way as the trend lines and arrow projections indicate otherwise the trade plan will be cancelled.
Traded safe trade well
Trade active
⋅
Even though price went lower and then retraced eventually reached the price I was aiming for.
Trade closed manually
⋅
Resistance level acted up once again confirming my initial direction.
But the price is fluctuating around said level without going for a clear direction.
Even though eventually the price might still reach the target my setup was invalidated from the past two days price action.
Comment
⋅
What a turn of events
When I thought that the bears lost power and exited the trade massive drop happened.