USDJPY, watch out for the pullback
So far our trade has gone just fine, I would say perfect, but Friday night and this morning he woke up in pullback, and it is right to lower the Stop Profit to avoid nasty surprises.
On the H4 timeframe we are right now on the MML and I hope it is resistant enough to block the bullish impulse, but let's see where to best place the Stop.
Plotting a Fibonacci on the last bearish vector I decided to set the SP at 61.8%, so as to give the price the possibility to go up to a possible 50%.
New Stop Profit Level: 115.25
On the H4 timeframe we are right now on the MML and I hope it is resistant enough to block the bullish impulse, but let's see where to best place the Stop.
Plotting a Fibonacci on the last bearish vector I decided to set the SP at 61.8%, so as to give the price the possibility to go up to a possible 50%.
New Stop Profit Level: 115.25
TheCyclicalTrading.com