The USDJPY is trading in a short term range in between 95.01 and 94.41 (green lines). The market usually creates this range when it approaches to a long term level, in this case a support level at 94.53 (center blue line). Please take a look at the chart below:
So here is my plan:
If the market breaks the short term resistance level 95.01, I will look for long opportunities and set all take profits level below 96.21 (long term resistance level – upper blue line).
If the market breaks the short term support level 94.42, I will look for short opportunities and will set all take profits levels above 94.14 (long term support level – lower blue line).
Tags: USDJPY Analysis