I just entered into this long USD/JPY trade. The selling pressure has been relentless, but to me it seems that the selling is a bit overdone. The RSI started to show divergence and a nice bullish engulfing candle appeared on the 1-hour chart, so I decided to take a counter-trend trade. The stop-loss on this trade was initially placed just under that large blue bar, and the take-profit order is sitting about 50 pips away from the entry point. I have now moved my stop order to break-even and I am going to let this trade work itself out.
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