Yesterday we saw a trendline breakout here on USDJPY. This is the first signal for a potential reversal.
Right now we're seeing another downside push, but price is at strong support level.
This is a chance for price to bounce off and form a double bottom.
This setup will be confirmed once we have a breakout of 110,75 when we would have a confirmed double bottom.
This will be the right moment to make an entry.
If you're more conservative and you don't like risking, then wait for that double bottom confirmation.
And for those of you who are willing to risk more, you can watch out for the hourly candle close.
In case it leaves a long wick, then you can enter and place your SL below that wick. This will give you a very decent risk to reward ratio.
Follow us for other quality opportunities and specific trades!
Right now we're seeing another downside push, but price is at strong support level.
This is a chance for price to bounce off and form a double bottom.
This setup will be confirmed once we have a breakout of 110,75 when we would have a confirmed double bottom.
This will be the right moment to make an entry.
If you're more conservative and you don't like risking, then wait for that double bottom confirmation.
And for those of you who are willing to risk more, you can watch out for the hourly candle close.
In case it leaves a long wick, then you can enter and place your SL below that wick. This will give you a very decent risk to reward ratio.
Follow us for other quality opportunities and specific trades!
Comment:
Close below previous low without a wick - this scenario is off
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