Hi Traders! USDJPY follow up and update of the buy opportunity is here. In the previous post here I mentioned “On the daily chart currently the price has reached the uptrend line. If we didn’t get a valid breakout here, we may then expect the price to respect this trend line again and move higher. In addition to this we have a hidden bullish divergence. We also have bullish divergence on the H4 chart and as long as the last low holds, we may look for buys with bullish evidences”. Lets see how this setup has developed now.
USDJPY H1 Chart:
The bullish move that we were looking for has happened. Currently there is bearish divergence on H1 and it is a good idea to trail the stop loss to break even or to the critical level of 111.70.
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Okay. Got you.
Thanks for the update, understood the concept.