USDJPY dropped like a rock and immediately hit our Super Forex Launcher dynamic support. Sudden and extreme drops like this usually have a retracement even if it’s a short bounce. And we are thinking this is a good sign of a bounce in USDJPY. Below is our order for USDJPY.
- Buy Stop Order: 110.564
- Stop Loss: 110.276
- Take Profit: 110.874
We will have this stop order in place and only want to get into any bullish position only when the Bulls decide to charge north.
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Reversal Trend Strategy USDJPY – 21st March 2019 (Updated with Results)
In less than 8 hours, USDJPY bounced as expected and hit our TP target allowing us to exit with a neat profit of 30 pips for this reversal trade. Using the Super Forex Launcher to identify potential reversal areas makes it easier and more systematic for us to enter into reversal positions. If you like this strategy, please click here to learn more about Super Forex Launcher.