This long position may not look very convincing, but there is a lot more context to this trade.
Price was at a high of 0.76500 in April, and has been dropping ever since.
Now, price is at 0.68730, which is our entry price in this trade.
The pair has been trying to increase, but encountered a small downtrend in the lower timeframes. However, the higher highs...
USDJPY was on a clear uptrend.
Then, a major support level was broken. This level was even visible on the 1D chart, which shows that it's a significant level.
Once the level was broken, I quickly entered on a buy once price returns to that level. It was a major level, so I predicted that only a short retest was required.
This is because I felt the market...
