This USDJPY long setup is still in the making, nothing sure yet.
On October 4th 2018 price almost reached Monthly Resistance 1 (MR1) pivot point (114.80) and got rejected very strongly. The price has been rejected from this level (114.60) strongly since beginning of 2017.
If the price drops down to 112.85 area, it would reach 38.2 Fibonacci retrace level and previous high. The price could continue retrace to 50.0 (112.20) and 61.8 (111.62) Fibonacci levels. In case these levels hold, we can expect an upward continuation move to 115.80-117.50 levels.
On October 4th 2018 price almost reached Monthly Resistance 1 (MR1) pivot point (114.80) and got rejected very strongly. The price has been rejected from this level (114.60) strongly since beginning of 2017.
If the price drops down to 112.85 area, it would reach 38.2 Fibonacci retrace level and previous high. The price could continue retrace to 50.0 (112.20) and 61.8 (111.62) Fibonacci levels. In case these levels hold, we can expect an upward continuation move to 115.80-117.50 levels.
Trade active:
The trade has still not triggered but the setup, in my opinion is still valid. The price moved strongly last Friday towards 112.600 area and bounced back up. Perhaps reached a support zone and is ready to make a upward move towards 115.930 area, which is set as potential TP.