I've opened a short position on USD/JPY. I looked at the weekly chart and saw the chart was making LL's and LH's, so the overall trend is bearish. In addition, there is a trend line which the price rejected, as displayed on the chart. I also used a fib from the swing low to high to see where I should have a take profit. However, the 0.328 level was below the weekly support, but I played it conservatively and placed my TP slightly above the weekly support level. I believe the pair will continue the downtrend further below to the monthly support level and maybe lower, we will do further analysis as the chart develops.
looking at the H1 chart, there was a H1 trend line break before i entered the trade much closer to the weekly trend line, which would have made the SL much tighter and the R/R very high. Didn't spot this however as I didn't go down to the H1 timeframe. Learn from failures and become stronger. However, still a very good setup with a R/R @ 2.0.
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Doji spike caused SL to be taken out due to being too tight, now is moving in desired direction.