Last week our USDJPY Trade was placed. The trade took a while to come around, but eventually smashed our 110 pip TP. What a trade!
USD/JPY Signal - JPY Leading Economic Index - 28 Jul 2021 by ToniSignals on TradingView.com
Why We Took This Trade
First USDJPY was trending to the downside. We recognised this trend as the moving average ribbon was in a bearish cross, structure was forming lower lows and lower highs, and price was impulsive to the downside and corrective to the upside.
Secondly, we noticed that price had formed an ascending trendline in a corrective phase, then bounced out of resistance and broke the support trendline. This also broke the structure support, giving us a downside bias. When price made another attempt to push up and rejected we took a sell trade. See our trade analysis on the chart below!
