USDJPY – May 2nd 2014

Should price action for the USDJPY remain inside the 102.70 to 103.10 zone the following trade set-up is recommended:

• Timeframe: H1
• Recommendation: Short Position
• Entry Level: Short Position @ 102.90
• Take Profit Zone: 120.00 – 102.30
• Stop Loss Level: 103.50

Should price action for the USDJPY breakdown below 102.70 the following trade set-up is recommended:

• Timeframe: H1
• Recommendation: Short Position
• Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
• Take Profit Zone: 120.00 – 102.30
• Stop Loss Level: 103.50

Should price action for the USDJPY breakout above 103.10 the following trade set-up is recommended:

• Timeframe: H1
• Recommendation: Long Position
• Entry Level: Long Position @ 103.30
• Take Profit Zone: 104.20 – 104.50
• Stop Loss Level: 102.80

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

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