Waiting for price to break above the resistance at 113.76 before entering LONG, with a target of the upper channel around 117.39, which is a fib extn level too, so a likely place for profit taking to occur.
The same trade can be seen on USDJPY too.
My theory about the upper and lower channel seemed to be holding up, so this time I took the courage to enter while at the lower part of the channel for a much higher R/R. My theory was that if price reached the upper channel again and shit down as it did before, at least I'd be 1R in profit by then and could still exit the position if I wanted to, without a loss. So thanks to this mistake, I learned a valuable lesson about it pays to take a calculated risk and get in early sometimes and take a chance. The following chart shows how....
Manually closed out before BOJ news.
This was a valid COUNTER-TREND trade, but with CT trades, it needs to be watched much more closely with a well defined target. Taking profits at resistance would have made good 3 or 4 R