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

• USD/JPY bulls are back in control with sights set on a break of 106 the figure.
• This is a developing story as the author tracks progress and updates in real time.

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. 

More to come...