Should price action for the USDJPY remain inside the 102.05 – 102.20 zone the following trade set-up is recommended:
- Timeframe: M30
- Recommendation: Long Position
- Entry Level: Long Position @ 102.20
- Take Profit Zone: 102.60 – 102.75
- Stop Loss Level: 101.90
Should price action for the USDJPY breakout above 102.20 the following trade set-up is recommended:
- Timeframe: M30
- Recommendation: Long Position
- Entry Level: Long Position @ Retracements in the trend; buy orders during dips
- Take Profit Zone: 102.60 – 102.75
- Stop Loss Level: 101.90
Should price action for the USDJPY breakdown below 102.05 the following trade set-up is recommended:
- Timeframe: M30
- Recommendation: Short Position
- Entry Level: Short Position @ 101.90
- Take Profit Zone: 101.40 – 101.50
- Stop Loss Level: 102.05
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: