Potential Long Position for USD/JPY_Trade Plan 2017.08.07
Legend for price level, trend line, and rectangle:
Orange > Monthly Level
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 and H4 are both showing the overall trend is still sideways to down with price hold below MA200.
Currently in H1, price seems to form Double Bottoms pattern with price hold within resistance area 110.685 - 110.923, slightly above MA200.
Trade Plan:
If price breaks up previous high, re-test it, and rejected up, can consider to long the market to follow the potential trend reversal to the upside.
With Stop Loss 30 pips and Target Profit 90 pips, the potential trade offers 3.00 Reward-to-Risk Ratio.