Here is Ichimoku Daily chart.

2015-08-31_15-00-38-EJ1

EURJPY pair dropped from the clouds and now approaching back to the bottom of the clouds.   It may make sense to assume the price may be blocked by the Clouds and drop again.

Looking at the Hourly chart, you can see the price has been in the range bound, with slightly downward pressure.

2015-08-31_15-02-00-EJ2

Thus my strategy is…

Check M15 chart, and if
a) we see the reversal price action, then Short.  Target is 135.40 (buttom of the range)
b) the price breaks the top (136.50ish), then try to follow up at the pullback.

 

Hope this setup helps you build your own.

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

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