FX:USDJPY U.S. Dollar/Japanese Yen
Price is trending down on this 4 hour time frame with higher time frames also confirming trend. Price has recently retraced to a previous and is almost in between the 8 and 21 moving average. A has formed on the retrace signalling that sellers have now potentially rejected the retrace and the trend may continue down. An entry order may be placed at half way of the range of the candle, stop loss may be placed well beyond the range of the candle and the profit target may be placed at the next area of support. Risk is 2:1.
Trade closed manually: Price is not continuing downward and appears to be undecided and trading in a range, my trade is no longer valid, manually closing trade at market. Small profit taken, risk is 0.5:1 there may be shorting opportunities on higher time frames and I will be watching.