Should price action for the USDJPY remain inside the 102.30 to 102.60 zone the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ 102.50
- Take Profit Zone: 101.00 – 101.30
- Stop Loss Level: 0.9220
Should price action for the USDJPY breakdown below 102.30 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
- Take Profit Zone: 101.00 – 101.30
- Stop Loss Level: 0.9220
Should price action for the USDJPY breakout above 102.60 the following trade set-up is recommended:
- Timeframe H4
- Recommendation: Long Position
- Entry Level: Long Position @ 102.70
- Take Profit Zone: 103.50 – 103.80
- Stop Loss Level: 102.20
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
You may also be interested in reading the following posts: