Should price action for the USDJPY remain inside the 108.70 to 109.10 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position 108.90
- Take Profit Zone: 101.80 – 102.20
- Stop Loss Level: 111.20
Should price action for the USDJPY breakdown below 108.70 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
- Take Profit Zone: 101.80 – 102.20
- Stop Loss Level: 111.20
Should price action for the USDJPY breakout above 109.10 the following trade set-up is recommended:
- Timeframe D1
- Recommendation: Long Position
- Entry Level: Long Position @ 109.20
- Take Profit Zone: 111.30 – 111.60
- Stop Loss Level: 108.00
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
You may also be interested in reading the following posts: