Waiting for USD/JPY to reach level 107.00 before trading.
Support level at 104.972 has been respected multiple times in the past.
Price action creates a double bottom at the support level as well as leaving a wick up to 104.10 indicating strong bullish momentum.
Confluences:
-last 3 bullish candle stay respective of the 8 EMA hinting at a continuation of the increase in the market.
-fib retracement tool shows that price is currently sitting on level 0.382.
-when scaled down to the lower time frame it shows respect of the TL.
Just waiting for price to reach the level of previous consolidation before taking actions and setting risk management.
Price action creates a double bottom at the support level as well as leaving a wick up to 104.10 indicating strong bullish momentum.
Confluences:
-last 3 bullish candle stay respective of the 8 EMA hinting at a continuation of the increase in the market.
-fib retracement tool shows that price is currently sitting on level 0.382.
-when scaled down to the lower time frame it shows respect of the TL.
Just waiting for price to reach the level of previous consolidation before taking actions and setting risk management.
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