Yesterday, I suggested Yen pairs are not preferable to trade.
(You know what? I traded USDJPY, and lost! Here is the lesson. Stick to your plan!!!!!! Yes, I will.)
Now USDJPY pais is still in the range. Actually there are 2 ranges exist as seen below.
a) Inner Range (119.20 – 120.30)
b) Outer Range (118.62 – 121.17)
I am not fully convinced about the direction, until I see the clear break of the Outer Range. So if it breaks the top of the Outer Range, I will become Short-Term Bull. On the other hand, if I see the break of Outer Range bottom, then I will become Short-Term Bear. (I am Long-Term Bull though).
So I still suggest not to trade until you see the break of the outer range.
However, if you really want to trade, I suggest you can play Breakout Strategy with the Inner Range as well. However, you have to make sure to exit once when the price touches the Outer Range.
For example, you may buy this pair from 120.30 ish after the breakout of the Inner Range, but still you should take profit at the Top of OuterRange (121.17), and see how it goes.
Hope my explanation makes sense.
YJ Baik – Forex.Today @ Tokyo