Should price action for the USDJPY remain inside the 117.600 to 118.000 zone the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Long Position
- Entry Level: Long Position @ 117.800
- Take Profit Zone: 120.000 – 121.000
- Stop Loss Level: 116.000
Should price action for the USDJPY breakout above 118.000 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: 120.000 – 121.000
- Stop Loss Level: 116.000
Should price action for the USDJPY breakdown below 117.600 the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Short Position
- Entry Level: Short Position @ 117.500
- Take Profit Zone: 115.000 – 115.500
- Stop Loss Level: 118.000
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
