Dear USD/JPY Trade Followers

The trades from the last time is turning to be going in the right direction. EUR/JPY has finished the day engulfing the previous day’s bearish rejection bar reaffirming the bullishness of market participants. This is just giving me more optimism for my long trade. The USD/CAD trade is still very bullish and is over 200 pips away from the break-out area.

Today I am looking to enter in another long trade. I am looking at USD/JPY. The pair is underlying in the USD/JPY pair and as such is closely related with its action. I can see a bearish rejection in today’s daily candle. It is not a very well-defined pin bar, but for me is enough of a proof for bullish optimism. I am looking to place a long order at around 123.00. My stop-loss would be placed just under the imminent support level at 122.20. The primary price target is the level of 124.00. The secondary price target is the level of 125.00, but it really depends on how the price will react to the first price target.

Happy Trading,

Colibri Trader