1.Breakout of descending trend line which shows potential bullish movement
2. If we get a retest of the key price area highlighted another confluence
3. 61.8 fib level has been plotted so if we see rejection off this level that will be the final indication for me to take this trade
NOTE - Coronavirus is causing mayhem in the markets...
USDJPY 30 min. Major and minor trendline. Break of minor trendline and re test of key area also matching up with the 61.8 fib level. Looking for a move downwards to test the major trend line again. Okay risk reward with 1:2.
I like this set up a lot but corona virus scares could whip us out. Stay safe 1% risk max.
GBPJPY has hit the monthly bearish target early in the month and so we are expecting to see a nice rally up to the 134.000 level with a potential 500 pips on the table.
We have a nice 4 hour bullish engulfing candle so we are waiting for price to pull back into support before looking at long opportunities going into tomorrow.
Stops will be below the low and as...
With a lot of financial news bombarding us this week I find it good just to look at the higher timeframes just to see where we are in the bigger picture... As you can see this setup is like the UJ setup I posted on here last week that is now 60 pips in the profit (as I write this). Just a simple setup with support and resistance that can offer us a nice RR and low...