On USDJPY I only take London or early-overlap pullbacks that land into prior micro-structure: a just-broken short-term level, a small consolidation shelf, or a clear sweep pocket. If the pullback is floating in the middle of a vacuum, I pass — even if the higher timeframe bias is pretty and the dollar story is neat.
Rule: mark the structure before the impulse completes. If price never tags it, there is no trade. Stop belongs beyond that structure, not an arbitrary pip count that feels comfortable. BOJ-risk days do not change the structure rule; they change size and willingness to stand aside entirely.
I have lost more on "clean pullbacks" into air than on ugly pullbacks into real shelves.
- How do you define "structure" on M1/M5 for yen pulls?
- Do BOJ-risk days change the rule, or just size?
