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Setting the Stage: Macro & Market Structure Let's consider a recent scenario on USD/JPY. The macro backdrop pointed towards sustained USD strength: the Federal Reserve maintained a hawkish stance, emphasizing inflation control, while the Bank of Japan continued its ultra-loose monetary policy. This fundamental divergence established a clear directional bias for a long USD/JPY thesis. On the higher timeframes (Daily, 4-hour), price action confirmed an established bullish trend, characterized by consistent higher highs and higher lows. Our framework dictates that we seek to align with this dominant trend, looking for opportunities to buy pullbacks. Specifically, we observed price pulling back...