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USD/JPY long trade set-up identified, eye break towards 106.20

A long position with a 1:2 risk to reward in a bullish environment on the 15-min chart has been identified and at the time of writing, running in profit, albeit at reduced risk.

The hourly impulse was corrected with force, which makes the long set-up less convincing, but nonetheless, the conditions and price action is currently bullish.

The position is guarded by a stop loss below the dynamic support line and the corrective lows. 

As always, if new supposed support structure forms in the way to the target, the stop loss should be moved to breakeven at that point.

Breakeven achieved

The Tokyo fix and open has indeed elevated the price to test above 106 offered which enables the position's stop loss to be moved to breakeven for a free ride towards the target:

The price has moved higher on the fix to enable the trade to now be fully risk-free.

The new structure should act as a support on a bearish correction, protecting the entry position. 

The trade will be monitored every 15 minutes and profit will be taken either automatically or at the first sign that the price is unlikely to reach the target ONLY IF there is a bearish correction very close to the target.

Reference by:  Ross J Burland