Should price action for the USDJPY remain inside the 117.250 to 118.250 zone the following trade set-up is recommended:
- Timeframe: W1
- Recommendation: Short Position
- Entry Level: Short Position @ 117.600
- Take Profit Zone: 102.250 – 104.250
- Stop Loss Level: 122.000
Should price action for the USDJPY breakdown below 117.250 the following trade set-up is recommended:
- Timeframe: W1
- Recommendation: Short Position
- Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
- Take Profit Zone: 102.250 – 104.250
- Stop Loss Level: 122.000
Should price action for the USDJPY breakout above 118.250 the following trade set-up is recommended:
- Timeframe: W1
- Recommendation: Long Position
- Entry Level: Long Position @ 118.500
- Take Profit Zone: 122.000 – 122.500
- Stop Loss Level: 117.250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
