Until London lunch yesterday, USDJPY was in the range bound. I hope you had a chance to enjoy the short trade from the ceiling of the range.
Now the ceiling has been broken, meaning the end of Range Bound play. We are now in the trending mode. Since the price broke the ceiling, I am looking for Long opportunity. 1st Buy zone is 124.65 ish that is DPP & Fibonacci 38.2% level. Next Buy zone is 124.45 ish that is DM2 and Role Reversal area (used to be the ceiling, and now Support).
The target should be 125.00. Not too many pips to chase? Well, 125.00 is a big Psyco-level. So I strongly recommend to exit there and secure the profit. If the price goes higher than that, you can always repeat the breakout strategy at 125.00.
Until NFP, it may be better off, to look for smaller profit, as the market may be a bit choppy.
YJ Baik – Forex.Today @ Tokyo