USD/JPY - Bearish Engulfing Candle Retesting Trend Line

Mar 30, 2016

A great bearish engulfing candle formed on a nice retest of a long term bullish trend line after breaking through back on 03/17/16.

Intraday charts showing bullish pressure being broken down and the bears completely taking over.

Easy 1:1 RR to the recent lows and from there price could dip all the way to 106.00 for closer to 5:1

NFP coming up can stir up some concerns, but im trading this completely technical.

Mar 31, 2016

Trade closed manually

Closed out this trade because price action was not giving me the reaction I was expecting the next day. Break even trade

Apr 5, 2016

Note

Patience is key here folks! Correct analysis and missed out and a large amount of profit because of a small bit of support in price on a weak S/R line. Lessons to be learned here everyone!