2018May07 USDJPY H1 Trend Continuation

May 6, 2018

USDJPY is in a short term downtrend within a longer term timeframe uptrend as shown by the diagonal channels. I am looking for a buy opportunity once there is a candle close (waiting for confirmation) above the short term diagonal resistance (around 109.165). As this is a bullish trend continuation setup, my take profit is conservative at the swing high of 110.036 with a reward-to-risk ratio of 1.29.

Trade Setup: Trend Continuation
Price Entry: 109.165
SL 108.49 | SL (in pips) 67.5
TP1 110.036 | TP1 (in pips) 87.1
RRR1: 1.29

Jun 9, 2018

Note

TP1 hit! :) (May 15)