USDJPY - Shark buy near 112.12

Hey traders, USDJPY might be completing a buy setup near 112 this week.

Keep a lookout.

Pattern Completion

Bullish Shark pattern completes around 112.12.

This shark PRZ is made up by BC extension 161.8 and XC 0.886.

Trade Execution

Will lookout for pinbar or candlestick reversal at PRZ for long.

This setup will be even better if the RSI shows either divergence or RSI BAMM.

Target will be the CD 50% retracement around 113.80 with my stops at 111.50.
This setup will be invalidated if price closes convincingly below the PRZ

Comment:

PRZ at 111.112 was violated.

Price must close back above this zone within the next few hours, else this setup will be invalidated.

Comment:

Typo, 112.12 was violated, not 111.12.

Comment:

the 1st PRZ zone at XC 0.886 is no longer in play.

Let's watch how price reacts to this 2nd shark PRZ zone before entry.

I'm excited about this trading week, looks like the bulls for USD are finally coming back, at least temporary.

Comment:

Just went long at 111.46.
Sl at 111.25.
Targeting 113.80.

Trade active:

Just went long at 111.46.
Sl at 111.25.
Targeting 113.80

Trade closed: stop reached:

Took a 21 pip loss on my first attempt to long this. We are still at this very good reversal zone, might reenter upon further confirmation.