USDJPY Trend Continuation Structure Trade

22. Mai 2016

USDJPY is currently in a bearish trend. I am looking to enter the train on this trend and am planning to do so with the following:

- Daily chart shows downtrend
- Previous high touched the 0.786 retracement and reversed
- RSI has been overbough

So now my plan is to wait for price to break previous support (which will then become resistance) and enter on the pullback. Take profit levels are decided to be at support levels. We'll wait to see how this plays out.