Hi Traders,
I am currently watching USD/JPY for a potential Long Position. Now looking at standard price action, Price has created a Double bottom and went as far as breaking the neckline.
The conventional way to enter this would be by entering once price has retested the neckline, which there is absolutely nothing wrong with. However, looking at the way price has moved right now I see a much better risk-to-reward ratio if price manages to break the minor resistance at 135.450.
If price starts pushing hard to the point where this current H4 candle Flips bullish, I will be more than happy to take an impulsive entry with the momentum.
Target is at 136.250 as we have a clean range on the left.
Remain patient.
Renaldo Philander.
I am currently watching USD/JPY for a potential Long Position. Now looking at standard price action, Price has created a Double bottom and went as far as breaking the neckline.
The conventional way to enter this would be by entering once price has retested the neckline, which there is absolutely nothing wrong with. However, looking at the way price has moved right now I see a much better risk-to-reward ratio if price manages to break the minor resistance at 135.450.
If price starts pushing hard to the point where this current H4 candle Flips bullish, I will be more than happy to take an impulsive entry with the momentum.
Target is at 136.250 as we have a clean range on the left.
Remain patient.
Renaldo Philander.