USDJPY Long for Longs
Updated
USDJPY We have a 10:1 RR shot here with a mild set up. Overall divergence is showing a trend reversal within the structure and we are likely to have a change of hands as of late. Couple of technicals we are looking out for here:
EMAs, 50 EMA has just crossed under 200 EMA, marking a strong signal for a trend reversal after the recent downtrend.
At the 137.22 region we are likely to have experience the bottom spring of the trend. Using SMC, we are going to wear for a Liquidity grab within the supply zone at 139 clearing the orders before entering and correcting the imbalances created at 137.74 to 138.3 and heading back up to higher highs.
On the weekly TF we can also observe that volume has picked up recently but there is an air of caution. Due to the release of Chinese economic data showing a slightly slow down, Asian stocks have slid and I am expected this to me the macro decision to push us into our zone.
As always, SL is tight and RR is at 10:1.
Note
USDJPY has just retested area above for a liqudity grab. Let's see if we will see follow through.Note
Massive liquidity grab and plays perfectly to the dollar.Order cancelled
Imbalances were filled before we had got to the limit. Trade closed, entry not hit.
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