Should price action for the USDJPY remain inside the 120.250 to 120.750 zone the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ 120.400
- Take Profit Zone: 116.250 – 116.750
- Stop Loss Level: 122.000
Should price action for the USDJPY breakdown below 120.250 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: 116.250 – 116.750
- Stop Loss Level: 122.000
Should price action for the USDJPY breakout above 120.750 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ 121.000
- Take Profit Zone: 122.000 – 122.500
- Stop Loss Level: 120.250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
