Longing USDJPY at break of structure and "Broken Fang"!
The USDJPY has multiple times had trouble with the pink resistance level but broke through it yesterday and is now coming down to retest it once again! We look to long it when it comes back down into the 121.4s as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows (indicated by grey triangles).
Other confluences are the turquoise trendline intersecting our pink support line (previous resistance), and the obvious uptrent we are in on this timeframe (indicated by the green lines and the grey arrows connecting them). We can also see that other important resistances have just been broken if we zoom out to the 4h timeframe!
Our stops go below the support level and I'm hoping to catch a 1:3 on this one as price should shoot back up to at least 121.7. Moving my stops to breakeven when price hits 50% of profit.
And as always, Hold your thumbs!
Other confluences are the turquoise trendline intersecting our pink support line (previous resistance), and the obvious uptrent we are in on this timeframe (indicated by the green lines and the grey arrows connecting them). We can also see that other important resistances have just been broken if we zoom out to the 4h timeframe!
Our stops go below the support level and I'm hoping to catch a 1:3 on this one as price should shoot back up to at least 121.7. Moving my stops to breakeven when price hits 50% of profit.
And as always, Hold your thumbs!
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