We have a Pin bar formed on H4 chart showing rejection of support level, however, due to the overall indecisiveness, target is only 45pips (previous swing high) with SL placement below the bullish Pin Bar
1. Bullish Pin Bar @ support level
2. Rising trendline 3rd touch point
-Falling trend line broken, price is currently retesting key level support & the broken trend line.
-On the weekly chart, a bullish engulfing bar formed indicating sign of buyers getting in to at the level
-Took a Long trade as a Hourly bullish pin bar formed around the confluence zone
-1.92 Risk to reward ratio on ...
Daily candle closed convincingly bearish alongside the weekly bearish Price action, the previous broken support is also retested as resistance. A Counter trend line is also broken in the 4H timeframe.
Selling this pair with SL above the resistance.
Price stall at the Trendline , Support and Fibonacci retracement confluent point.
Awaits Price Action confirmation to trigger, Four confluence on this trade alongside long term bullish outlook for Dollar Yen.