Price Action FTW
Updated
USDJPY has been in a recent downtrend since the beginning of 2017, however, last Monday price double bottomed and put in higher highs at the end of the week - which points to a possible trend reversal.
I highlighted a zone where i'm looking for reversal patterns to indicate a short term BUY, in between the 50% & 78.6% prz (ideally right at the .618). A quick look at the RSI also shows hidden bullish divergence, so once my entry reasons are met, I'm looking to enter long with 3 targets around previous structure (which also happen to line up with fib levels)
no reversal, no entry
I highlighted a zone where i'm looking for reversal patterns to indicate a short term BUY, in between the 50% & 78.6% prz (ideally right at the .618). A quick look at the RSI also shows hidden bullish divergence, so once my entry reasons are met, I'm looking to enter long with 3 targets around previous structure (which also happen to line up with fib levels)
no reversal, no entry
Trade active
Entry : 113.777 SL : 113.000 (77 pips)
TP : 115.400 (162 pips)
Trade closed: stop reached
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