USDJPY - Back to test structure support
PAIR IN FOCUS: USDJPY
BIAS: BULLISH
HORIZON: SHORT-MEDIUM TERM
After breaking above structure level last week with the JPY weakening, price has retraced back to the structure level. As the uptrend remains intact, my bullish bias remains. Price could rebound from this structure level following a successful retest. Otherwise, if price breaks below this structure level, the bias could shift to bearish. This trade setup will be heavily dependent on the risk sentiment of the market this week - weather risk-off or risk-on sentiment will prevail.
TP 1 - 1:1 R:R
TP 2 - 2:1 R:R
Stop loss - below structure level
Let's see how this goes!
BIAS: BULLISH
HORIZON: SHORT-MEDIUM TERM
After breaking above structure level last week with the JPY weakening, price has retraced back to the structure level. As the uptrend remains intact, my bullish bias remains. Price could rebound from this structure level following a successful retest. Otherwise, if price breaks below this structure level, the bias could shift to bearish. This trade setup will be heavily dependent on the risk sentiment of the market this week - weather risk-off or risk-on sentiment will prevail.
TP 1 - 1:1 R:R
TP 2 - 2:1 R:R
Stop loss - below structure level
Let's see how this goes!
Trade closed: stop reached
As JPY strengthened, price could not hold the structure level and broke down to hit SL
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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.