FX:USDJPY U.S. Dollar/Japanese Yen
Hey traders! USDJPY is approaching a potential reversal zone that could spark a large move. A is nearing completion near the descending . Missed weekly and unhit sit above price. The .382 fib is also confluent with the missed from last week which may signify a nice . Movement past the 1.272 mark could mean further movement so that's where I put the SL. Targets at the nearest weekly and the missed from last week. Entry near point X of the bat should price reach those levels. This entry is also confluent with the short-term shown in gray.
Comment: Price has entered PRZ. Playing this conservatively by waiting for a 15m close above trendline before activating entry.
Trade active: Entry activated, SL below lows with same target. Yields a R/R of 14.8.
Trade closed: stop reached: Exit and wait for new signal