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Long-setup

USD/JPY Potential long ideaAs we can see on the 4H timeframe the directional bias of USD/JPY is bullish. This structure has been creating higher highs and higher lows since last week. During this week, price has formed its way into a corrective structure where price has failed to make higher highs to continue the bullish momentum. However, we have not broken key levels to suggest a reversal to the downside so my outlook is still bullish. As a price action trader I focus on trading with the trend rather than anticipating a reversal, so I will be looking for price to break above the key level to confirm bullish sentiment is still in the market. However, in order for me to take this trade I will have to see price pullback and respect the key level before taking the trade to the upside targeting a 3R Trade.
Long
by josephms02