Welcome back from the weekend, firing up the charts this week we have been focusing on the USDJPY daily chart.
The there has been a attempt by the bulls to breakout into higher prices during the early trading hours of the Asian Session. This is something we talk about in the Price Action Protocol, and it’s these type of failed breakouts that we love to capitalize on.
It’s the breakout trap that encourages bullish traders to enter the market, just so they can be washed out when the market demonstrates its true intent. If the setup plays out correctly, there will be very little resistance for the bears to drive price down after the wipeout of bullish traders.
More on the Breakout trap trades.