USDJPY Long - Awaiting rebound at Bottom of Sym Tri

USDJPY has retraced lower since the beginning of the week.
The price has reached a demand zone which is sitting right at the bottom of a symmetrical triangle.
While we may expect the price to rebound and climb from the bottom of this structure, the probability will rise only if the price break above the falling trendline within the structure,
Once that happens, we can wait for an opportunity to buy if the price retraces lower for a better entry price.
If your analysis pints strongly that either the dollar will rebound higher or the yen will continue to weaken, you may also choose to enter a long trade in the earlier stage.
Trading is all about probability and sticking to one's trading strategy.

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The break above of the falling trendline came earlier than expected.
If you have longed earlier you would be in a very good position.
If not, I would suggest waiting for retracement for a better entry price as risk-reward in this case at the current price is not attractive.

Bình luận:

USDJPY climbed well as it was expected to rebound to the top of the structure.
Although there's some pullback near the supply zone, USDJPY is most likely to make attempts to climb first.
Once that happens and if the price fails to break higher or show a strong reversal signal, then we can choose to exit the trade.