The USDJPY was trading near a Long Term support level around 88.58, it traded in a short term range around 89.10 – 88.62, but earlier this morning the USDJPY broke the bottom of the range:
That being said, we are actually in a bearish market condition looking for short trade opportunities.
Here is my trading plan:
As long as the USDJPY trades below 88.62 I will be looking for short opportunities. The next long term support level is at 87.12
All long opportunities will be ignored
Remember the USDJPY needs to be trading below the 88.62 for this to be true.