USD/JPY Trading Idea
Dear Trading Idea Traders
Last week was a week marked by travel for me. I had a really inspiring trip to France and I enjoyed the sunny spells as much as I could. Now, I am back to London and the week is going full-throttle for me. Today I had a small long trade in the DAX initiated by an intraday signal, that I am showing in my trading course. There was no trading idea from the DAX daily, that’s why I kept my position small.
The last trading idea that I shared with you just before my trip to France was in EUR/GBP. As you have seen, the position has been stopped out with a small loss of only 65 pips.
Today’s trading idea is coming from another currency pair- USD/JPY. The pair is in a multi-year bullish trend. On the daily timeframe, there is a signal from today’s and yesterday’s candlestick formations. Yesterday, there was a pin bar (or a bearish rejection candle) and today, there is a bullish-engulfing pattern. Those candlestick formations are signalling for more bullish momentum along the way. I am looking for a long entry at around 120.30. The stop-loss should be placed just under 119.40. My primary target is the level of 121.50. The second price target (depending on how price acts) is the level of 125.00.