This trade idea dates back to 16/6/21 you can see the analysis in the linked ideas below. After the breakout of the long-term descending channel, I have been looking for a good reason the buy this. You can see the higher highs and the two higher lows clearer on the weekly chart but I wanted to clarify my stop loss hence the 4-hour chart display. On the weekly, you can see lots of buying pressure coming in at the recent pullback in the form of pin bars. You could place your stop loss below the more recent one however for extra flexibility I have gone for below the previous low; Even reaching the last weekly high will give a risk-reward of 4:1. My concern is The COT report shows commercial traders shifting into buys on the JPY so i will have to keep a close eye on that.
Trade active:
I have moved to break even on this trade as as we are still 75% long for commercial trades on the COT report, however there has been a small shift to shorts
