USDJPY Drop

12 Mar 2020

We currently see that UJ is on a third trendline bounce on the H4 chart. HTF momentum has also been extremely bearish these last couple of weeks. Last months candle also closed with a huge exhaustion wick, which means that the market is not trying to push up higher anymore. UJ is at a 38.2 retracement on H4 and has broken out of the counter trendline on m30, we are now waiting for a break of support and a first LH point in order to get that sniper entry. No support being broken and no LH point being made after the break of support would invalidate this setup. Catch them pips ;')