Should price action for the USDJPY remain inside the 119.000 to 119.500 zone the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Long Position
- Entry Level: Long Position @ 119.300
- Take Profit Zone: 121.000 – 121.500
- Stop Loss Level: 118.500
Should price action for the USDJPY breakout above 119.500 the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Long Position
- Entry Level: Long Position @ Retracements in the trend; buy orders during dips
- Take Profit Zone: 121.000 – 121.500
- Stop Loss Level: 118.500
Should price action for the USDJPY breakdown below 119.000 the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Short Position
- Entry Level: Short Position @ 118.700
- Take Profit Zone: 117.500 – 118.000
- Stop Loss Level: 119.500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
