Should price action for the USDJPY remain inside the 102.80 to 103.20 zone the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ 103.10
- Take Profit Zone: 102.20 – 102.40
- Stop Loss Level: 103.60
Should price action for the USDJPY breakdown below 103.20 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ Retracements in the trend; sell orders during rallies
- Take Profit Zone: 102.20 – 102.40
- Stop Loss Level: 103.60
Should price action for the USDJPY breakout above 103.60 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ 103.60
- Take Profit Zone: 104.40 – 104.80
- Stop Loss Level: 102.90
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:
EURUSD - March 28th 2014
USDCHF - Mrach 27th 2014
USDJPY - March 26th 2014
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