Bullish USDJPY towards 112
Looking on the daily chart. There actually is a bearish shooting star.
Many traders would have probably shorted the market in anticipation of lower prices.
North Korea launched a missle this morning which tanked the USDJPY quite a bit but not before producing a bullish hammer on the 4hr. Also a breakout and re-test of the descending trend line that I drew.
Personally I am not in this trade due to unfavourable R:R but will look to enter on pullbacks on the lower TF i.e. 15mins/1hr.
Good trading and cheers!
Many traders would have probably shorted the market in anticipation of lower prices.
North Korea launched a missle this morning which tanked the USDJPY quite a bit but not before producing a bullish hammer on the 4hr. Also a breakout and re-test of the descending trend line that I drew.
Personally I am not in this trade due to unfavourable R:R but will look to enter on pullbacks on the lower TF i.e. 15mins/1hr.
Good trading and cheers!
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