USDJPY recovery above long term trend line

USDJPY

Price has just pulled back above the long term trend line drawn (on H4 and D1 tf) following the flash crash from last week.
Note the marked bullish engulfing candle pattern printed on support signalling the potential move higher.

I have opened a buy order at market price 109.042 with

*Stop loss below the support where I feel that the setup would become invalidated @ 107.771
*Provisionally targeting the 200ema @ 111.409 and then the major resistance IF price pushes higher to 113.589

Don't bet the farm, always exercise good risk management

Yorum:

Ah I neglected to mention the view on the weekly time frame where last week's candle is pinning the trend line marked, this is a GOOD sign for bulls.