FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is trading on the lower bands of a long term 1W Channel Up ( RSI = 58.323, MACD = 0.320, Highs/Lows = 0.1607, B/BP = 1.2460) and has significant upside potential. The latest 1D candle sequence is most likely the making of a Higher Low zone (Highs/Lows = 0.3471), so we are going long, TP = 1.13155 and 113.876 in extension.
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Do you believe that trades on channel trading should only be made on the 4th bounce?
@TrendyPips, Longs can be opened at the current price. The Higher Low has already been made.
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