Entry:
We have a potential long position setup on USDJPY depending when markets open and if we start seeing bullish candles forming and closing, if we do see the confirmation for entry we will go long off the 61.*% daily fib zone. However, if we see bearish candle and they break below 108.102 the whole setup will become invalid.
Exit:
If we manage to get a long position in we will look to make an exit at 109.140, the full complete setup will net 83 pips upon reaching take profit. The whole setup currently has a risk/reward ratio of 4.21.
We have a potential long position setup on USDJPY depending when markets open and if we start seeing bullish candles forming and closing, if we do see the confirmation for entry we will go long off the 61.*% daily fib zone. However, if we see bearish candle and they break below 108.102 the whole setup will become invalid.
Exit:
If we manage to get a long position in we will look to make an exit at 109.140, the full complete setup will net 83 pips upon reaching take profit. The whole setup currently has a risk/reward ratio of 4.21.