Should price action for the USDJPY remain inside the 116.800 to 117.200 zone the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ 116.900
- Take Profit Zone: 120.000 – 121.000
- Stop Loss Level: 116.000
Should price action for the USDJPY breakout above 117.200 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ Retracements in the trend; buy orders during dips
- Take Profit Zone: 120.000 – 121.000
- Stop Loss Level: 116.000
Should price action for the USDJPY breakdown below 116.800 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ 116.500
- Take Profit Zone: 115.000 – 115.500
- Stop Loss Level: 117.200
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
