USD/JPY: High-Probability Breakout & Retest | 3:1 RR Before BoJUSD/JPYOANDA:USDJPYloredana99I’m looking at a textbook breakout and retest play on the USD/JPY 4H and 1H timeframes. After a period of consolidation within a descending channel, the price has successfully broken out to the upside and returned to the channel's upper boundary (Support/Resistance flip). Key Technical Observations: H4 Descending Channel: Clear breakout above the red resistance line. H1 Confirmation: We’ve seen a strong rejection/hammer at the 159.20 zone, confirming it as new structural support. RSI Check: Momentum is resetting nicely without falling back into bearish territory, sitting around 39-40 on the H1. Risk/Reward: Entering at 159.21 with a tight stop at 159.14 gives us a massive 3:1+ risk-to-reward ratio. The Target: My primary target is the recent swing high and psychological resistance at 159.80 - 160.00. Fundamental Context (The "Why Now"): We are entering a high-volatility window with the Bank of Japan (BoJ) interest rate decision tomorrow (April 28). While the consensus is a hold at 0.75%, the market is nervous about hawkish language due to rising inflation. I am taking this long position based on the current technical strength, but will be looking to move my stop to breakeven or lock in partials before the BoJ announcement to manage event risk. Trade Parameters: Entry: 159.218 Stop Loss: 159.140 (Below the retest wick) Take Profit: 159.850+