USDJPY Price Action SetupFX:USDJPY
Price has been ranging between the 107 and 114 levels for some time now.
* Price is around support plus a buy signal has printed (doji, indicating indecision = bears may be out of steam failing to push price below support)
* The weekly timeframe indicates a buy, so does D1 and H4 when looking at the levels marked and how price is reacting
So I am opening a buy order at market price 108.880 with:
Stop loss below the lows @106.889 and
Take profit at resistance @ 113.314
**Important - this is an aggressive entry. A more conservative entry would be to wait for confirmation (bullish candle) which is currently forming and if completed as such would form a bullish engulfing buy signal
Don't bet the farm and always exercise healthy risk management
