A way to hop on the trend with the dollar yen

28 thg 12, 2016

This is the first long cypher on the usdjpy in a while now. As most of you know, the fundamental news and the trend is very bullish for this pair so this might be a good opportunity to get long with the trend. Normal targets for advanced patterns are the 38.2% and 61.8% retracement of the C-D leg but you could shoot for targets at the 118.4 - 118.6 levels. My stops are at normal placement for them, that's because I do not shoot for extended targets in my trading. If you are going to go for extended targets, I would get your stops under 117.00 because of the psychological number and that is where previous structure is. Be aware that the lower time frame trend is bearish so just be sure to follow what your rules say. Good luck out there.