Long I opened two long positions for USDJPY pair:
My overall bias for USDJPY is bearish so I have been mainly shorting the pair but I saw a good set up wroth while to go long.
Trade set up:
Entry - 148.272 (black line in 4H chart)Target 1 - 149 (previous high and previous week mid price) - Green line in 4H chart)Target 2 - 149.82 (Green line in 4H chart)Stop loss- 147.38 (red line in 4H chart)
Reasons for this trade:
1) All momentum indicators have entered bull territory in 4H chart.
2) All daily momentum indicators are showing positive divergence.
3) All daily momentum indicators are still deep in the bear territory but have crossed to the upside, so it indicates the beginning of the potential corrective move to the upside.
4) The price has dropped to Fib 0.618 level and are boucing up to the upside in the daily chart
