USDJPY: Multiple Time Frame Analysis
Yes...you definitely have the right idea on this.
See the charts below for a visual on this. The first chart is a Daily on the USDJPY, the second is a 4 hour chart and the third is a 1 hour.
Since the pair is in a downtrend on the Daily chart we know that we want to short the pair. Then we would go to a lower time frame chart (your choice of the 1 hour and the 4 hour is fine) to "fine tune" our entry in that direction.
You noticed on the 1 hour chart that the pair is at the top of its descending trading channel and that would be a good area to sell the pair into the direction of the Daily trend.
Nice job on the Risk Reward Ratio as well. Risking 25 pips to gain 90 is a 1:3.6 RRR and that is commendable.
Good work on using Multiple Time Frame analysis on this trade. Here is a little more on that process from the Instructor's Trading Tips area of Daily FX...
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