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glennmercer

Long USDJPY: Long-Term TL Support + Fib Cluster + Engulfing

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
glennmercer Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY Pin Bar reversal Daily Charts d1 Bullish Engulfing Engulfing Candle fibcluster confluence Trend Lines glennmercer gmercerfx
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usdjpy pinbar reversal daily d1 bullishengulfing engulfingcandle fibcluster confluence trendline glennmercer gmercerfx
USDJPY has formed a bullish engulfing candle on the 1HR chart, indicating possible upcoming bullish movement. The candle is supported by a strong 12-month-long trendline that price has respected 3 times previously dating back to January, 2015. At the PRZ, a bullish pinbar has formed on the daily chart. The wick falls on a series of fib levels from structure lows to structure highs, adding to the probability of support in that area. Entry is placed at the broken horizontal resistance on the 1HR chart with SL at the .886 retracement and target at the unhit monthly pivot for January, 2016. This setup yields a R/R of about 5.6.
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