USDJPY Long - 9 May 2017
Background:
- Seems like price breakout and retested the descending channel with the bullish reversal candle
- Bull momentum seems great now with price trading above 70 at MACD and RSI
Entry:
- Buy stop with 20 pips above the 8 May 2017 bullish reversal candle
SL:
- Set with 20 pips below the 8 May 2017 bullish reversal candle low
PT:
- Potential resistance with daily horizontal resistance level at 115 region
- However PT set based on weekly chart, near the weekly swing high @ 116.2
Notes:
- Pay attention to any possible reversal sign
- Seems like price breakout and retested the descending channel with the bullish reversal candle
- Bull momentum seems great now with price trading above 70 at MACD and RSI
Entry:
- Buy stop with 20 pips above the 8 May 2017 bullish reversal candle
SL:
- Set with 20 pips below the 8 May 2017 bullish reversal candle low
PT:
- Potential resistance with daily horizontal resistance level at 115 region
- However PT set based on weekly chart, near the weekly swing high @ 116.2
Notes:
- Pay attention to any possible reversal sign
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