USDJPY has closed the week down a neat trendline.
A bullish bar (inverted hammer) has appeared on the H4 timeframe and this is reflected also on the Daily timeframe (in the screenshot).
The trend seems clear and is still trading under the EMA, even if the macro factors driving the USD might probably come into the game mid week.
If we trade what we see, we can put a SL above Thursday's bar and let the SHORT position follow its trend down to the previous support of 111.89.
A simple 1:1 Risk-Reward-Ratio.
However, it has to be noted how the area around 113.72 provides a support that might make the price bounce again.
Maybe too linked to the USD news to take a position now, but worth watching to take a pice-based action later this week.
I always discuss and follow up these ideas on my blog.
A bullish bar (inverted hammer) has appeared on the H4 timeframe and this is reflected also on the Daily timeframe (in the screenshot).
The trend seems clear and is still trading under the EMA, even if the macro factors driving the USD might probably come into the game mid week.
If we trade what we see, we can put a SL above Thursday's bar and let the SHORT position follow its trend down to the previous support of 111.89.
A simple 1:1 Risk-Reward-Ratio.
However, it has to be noted how the area around 113.72 provides a support that might make the price bounce again.
Maybe too linked to the USD news to take a position now, but worth watching to take a pice-based action later this week.
I always discuss and follow up these ideas on my blog.