My trade setups (GBPJPY, EURJPY) were on the wrong directions yesterday.
I will improve my analysis to provide the better trading idea.
So far, during the Asian session, Yen cross pairs seem to go higher. Nikkei is up, Shanghai is up today. Typically I would say “Risk On”. However, today is FOMC day. So volatility may be low. Let’s be conservative.
GBPJPY jumped up over 150 pips yesterday, and currently touching the resistance (Sep 10th’s high).
I would simply like to play the breakout again.
Let’s wait for the break of 187.20-30 resistance, and try to buy after the pullback.
The target? Let’s be conservative today. MPP is 188.176 (still 100 pips!), or DM4 (188.44).
Hope this setup helps you develop your own.
YJ Baik – Forex.Today @ Tokyo