LONG USDJPY ON 4H CLOSE ABOVE 108.24

٢٨ أكتوبر ٢٠١٤

Initally we expected the price to move to 107.35 (see related idea), but the pair took a u-turn before hitting our target entry point. However, we do wish to get long looking at the up-trending channel. The entry point would be a 4 hourly close above 108.24, which is an area of interest since it has acted as a support as well as resistance previously. So a close above this point will be a confirmation call

Trade Type: Trend Continuation
Price: 108.30
Target: 109.75
Stops: 107.20
R/R Ratio: 1.3