USDJPYPrice has just pulled back above the long term trend line drawn (on H4 and D1 tf) following the flash crash from last week.
Note the marked bullish engulfing candle pattern printed on support signalling the potential move higher.
I have opened a buy order at market price 109.042 with
*Stop loss below the support where I feel that the setup would become invalidated @ 107.771
*Provisionally targeting the 200ema @ 111.409 and then the major resistance IF price pushes higher to 113.589
Don't bet the farm, always exercise good risk management
Note
Ah I neglected to mention the view on the weekly time frame where last week's candle is pinning the trend line marked, this is a GOOD sign for bulls.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.