USDJPY – May 16th 2014

Should price action for the USDJPY remain inside the 101.30 to 101.60 zone the following trade set-up is recommended:

• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position @ 101.40
• Take Profit Zone: 102.70 – 102.90
• Stop Loss Level: 100.80

Should price action for the USDJPY breakout above 101.60 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: 102.70 – 102.90
• Stop Loss Level: 100.80

Should price action for the USDJPY breakdown below 101.30 the following trade set-up is recommended:

• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position @ 101.20
• Take Profit Zone: 100.20 – 100.40
• Stop Loss Level: 101.70

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.

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