My Look Out For USDJPY 6/12/2020 (BUY)

U.S. Dollar / Japanese Yen (FX:USDJPY)

Updated

FX:USDJPY U.S. Dollar / Japanese Yen

I'm seeing support off previous resistance on the hourly chart. Price has broken out of the previous down trend, which ended with a very strong support. Going up it's maintained an up trend since the day began. I'm seeing higher highs on both the hourly & 4hour charts which signal an up trend. The market may pull back and continue to go up or break structure & fall back down into the once dominating down trend. Either is fine. I Set my take profit levels based on Fibonacci. This is a first for me so we"ll see how it goes. I could have placed a Buy Stop instead of jumping straight in, but that'll be done in the near future. I'm trading at 0.10 = $1 a pip. I have a 26p SL = $26 and a 124p TP = $124. Though I may break even IF this trade goes into profit .. this is still a GREAT trade.

Comment:

Lowered My take Profit to 120p.

Comment:

I closed out trade early due to being scared. The trade pulled back then went up as expected. I'll get better with staying in my trades and trusting my analysis, but good trade. I'll make an update on how the trade would've played out if I stayed in.

Comment:

Price fell back down, its ranging between support & resistance so it wasn't a bad idea to get out the trade.

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