USD/JPY 1H
[B]Long or Short:[/B] Long
[B]Entry Point:[/B] 80.50
[B]Stop Loss:[/B] 80.30
[B]Profit Target/s:[/B] 81.00, possibly higher
[B]Reward-to-risk Ratio:[/B] at least 2.5:1
[B]Risk percentage: [/B]1%
[B]Indicators used: [/B]100 SMA, Fibo
[B]Trade Rationale: [/B] Purely technical. We have the 100SMA, Fibos, and the rising trend line all lining up at around 80.50. This level is also a well-established support and resistance level. I think the RR on this trade makes this well worth taking.
[B]Trade Adjustments:[/B] Depending on the strength of the move, I might consider aiming for a new high and closing just half my position at 81.00.