geckotrade

Short term long opportunities/Retest?

Long
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
After our huge spike down at the start of the year, price seems to be correcting itself and is currently in an ascending channel. We also have an ascending triangle. Price is heading towards our green line right at the 111.000 level. RSI is approaching overbought on the Daily timeframe. This is looking like a retest of structure before price moves down lower. I'll be looking for pattern trades or a breakout of our ascending triangle and look to go long at a retest of structure.
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