Trade Idea: Buy/Long USDJPY
I've pulled up the 120min chart and notice the previous 4-hour candle, which in my view, may be a short term flush of USDJPY shorts.
The candle is large after an already big move lower from 114.50 to 111.65. This may signal a false break to the downside. I am monitoring the current candle for a sharp reversal higher i.e. (1) USD Strength over the next few sessions? (2) a shift back to risk on? (3). gold weakness over the next few sessions?.
Summary: Long USDJPY in the short term.
Buy 111.72
SL: 111.48
TP: 112.33
The candle is large after an already big move lower from 114.50 to 111.65. This may signal a false break to the downside. I am monitoring the current candle for a sharp reversal higher i.e. (1) USD Strength over the next few sessions? (2) a shift back to risk on? (3). gold weakness over the next few sessions?.
Summary: Long USDJPY in the short term.
Buy 111.72
SL: 111.48
TP: 112.33
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