USDJPY: When to Buy and When to Sell
The market looks interesting for possible trade opportunities in both directions. Should we buy or sell?
It will depend on the price action at 107.00 support zone.
If the price bounces, it will be possible to search for entry points using the hourly charts. Stop orders for long trades must be placed below 106.750 and the local swing low. Profit targets can be based on round numbers like 108.00 and 109.00 resistance.
If the price breaks below 106.750 level, it will be possible to sell using the daily and hourly timeframes. Stop orders must be placed above 107.00 and the local swing high. The main profit target can be at 105.00 support.
Don't forget about the proper risk per trade. It must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
It will depend on the price action at 107.00 support zone.
If the price bounces, it will be possible to search for entry points using the hourly charts. Stop orders for long trades must be placed below 106.750 and the local swing low. Profit targets can be based on round numbers like 108.00 and 109.00 resistance.
If the price breaks below 106.750 level, it will be possible to sell using the daily and hourly timeframes. Stop orders must be placed above 107.00 and the local swing high. The main profit target can be at 105.00 support.
Don't forget about the proper risk per trade. It must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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