-RSI H1 oversold
-RSI H4 oversold
-Inverted Hammer on H4 in the making
-1.61 Fibonacci Target hit
Longing a position on USD/JPY would still be in confluence with higher timeframes
Attention:
-Wait for further confirmation
-Wait until candle closes
-Trade with proper risk management
Entry has been triggered perfectly. No it is time to keep an eye, because earlier on we have created a small head and shoulders pattern and the chart is struggeling a bit to break its support on lower timeframes.
Patience is key, on higher time frames we are still bearish.
We might see a potencial double top in the 22620 area, before going lower towards our target...
Right now we are in a support zone which is also in confluence with the 61.8 Fibonacci retracement (golden ratio).
Good opportunity and a nice risk:reward ratio.
