USDJPY is coming off of a Major Support Level. I'm looking to buy a pullback in anticipation of the market correction.
It has broken and closed above previous resistance and if it can pullback into my reversal area I will look to enter long. I will have to enter long at or below the Purple Line which represents a 1 to 1 Risk to Reward.
Stops - 1 ATR Below the Reversal Zone
Target #1 - Retest of Highs
Target #2 - 1.27% Fib Extension plus Structure (Previous Resistance). Once could also look to Target the completions of the ABCD Pattern for Target #2's
It has broken and closed above previous resistance and if it can pullback into my reversal area I will look to enter long. I will have to enter long at or below the Purple Line which represents a 1 to 1 Risk to Reward.
Stops - 1 ATR Below the Reversal Zone
Target #1 - Retest of Highs
Target #2 - 1.27% Fib Extension plus Structure (Previous Resistance). Once could also look to Target the completions of the ABCD Pattern for Target #2's