theselfishtrader

USDJPY - Long trade idea

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Reasons for trade:
  • There is a nice double bottom on the daily and 4H charts
  • Bullish divergence on the daily RSI
  • Price has found support around the 38.2% Fibonacci level
  • Today's daily candle is forming an inside bar .
  • The classic inside bar play is to trade the break of the Mother Bar. I will favour any move to the upside.
  • With relatively close stops there is at least a 1.5:1 RR

Comments

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