Our first trade of USD/JPY today was stopped out after failing to reach Target 1 for only few points.

It is never a good idea catching a falling knife, however in this case we have a very good risk reward setup. The last 5 min candle closed above the important 76.4% Retracement level and immediate buying followed.

Another reason why we are long biased until today’s low is taken out is that this fast selloff was in a corrective A-B-C form while the previous hours’ rally was impulsive.

USDJPY 5m 11-03-2016

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