Long USD/JPY by littlebopip

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

I like this call. Price also seems to be respecting the 200sma support on the 1 HR.