Pair: USD/JPY
Timeframe: 1-hour
Long or short: Long
Chart:
Trade rationale: USD/JPY has been rallying strongly lately and I want to jump in the uptrend. I figured I’d wait for a retracement first, and a good level to enter is the 38.2% Fib because it’s in line with a former resistance level.
Entry: 88.50
Stop loss: 87.60
Profit target: 90.00