USD/JPY H4 - Possible long setup - ABCD pattern
An ABCD pattern is in formation, a bullish divergence and bullish pin bar are present inside PRZ, so it could be a good idea to look for a long position, however the PRZ is wide (+150 pips), still there is a possibility that the price push down a little bit more.
So, my options:
1) Buy limit at 109.64 / SL = 109.29
2) Wait for a reversal bar pattern around 108.99 (127.2% of the extension) where SL will be 3 or 4 pips outside the PRZ (108.01)
I’m more into second option, but H1 chart can help to make a better decision.
So, my options:
1) Buy limit at 109.64 / SL = 109.29
2) Wait for a reversal bar pattern around 108.99 (127.2% of the extension) where SL will be 3 or 4 pips outside the PRZ (108.01)
I’m more into second option, but H1 chart can help to make a better decision.
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