USDJPY has been heading south for past few days with JPY getting stronger after their golden week. On the H4 chart, the pair gap down and continues to show bearish strength for the past week. Our Super Forex Launcher Indicator has picked up that the USDJPY pair is perhaps slowing down and is now consolidating. The price has reached our dynamic support and a reversal BUY signal has been generated by the Super Forex Launcher Indicator.
Now although we have a Buy signal, it does not mean we jump in buying blindly. This is a reversal play and it’s always smart to wait to see some strength. We will enter into a Buy Stop order and wait for the Bull to step in before we commit ourselves to a Long position.
- Buy Stop Order: 110.110
- Stop Loss: 109.862
- Take Profit: 110.835
The nice thing with reversal strategy is that Risk Reward ratio is always attractive. In this case, we have a nice Risk to Reward Ratio of 1:3. For now, we can only wait for the Bulls to step in. If the Bears remain in control and continue to dominate USDJPY, it’s actually alright because we are not even in position. Comment below and let us know of your result.
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