EUR/JPY LONG - Fib/Morning Star/Trend Exhaustion/Trend Line
Updated
After a very strong downward move, the bears seem to be temporarily taking a break until the price possibly hits the trend line again and continues its downward momentum, so this is a retracement. Also, a slight Morning Star candle formation was created on the 4HR chart, but instead of a doji, a hammer candle was created, and i entered the trade after the bullish candle closed after the hammer. I have placed my SL under the wick of the hammer, and my TP is set at the 0.382 fib level, which is also a resistance level
Trade closed: stop reached
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