Dear Traders,

Right after FOMC statement, this pair dropped down to 121.37, but bounced back up!

Thus I think it is safe to say that Daily & Weekly Cloud were Support.

121.35 is a hardcore support line!!

I personally think the next target is Kuroda-line (125.00).

2015-12-17_19-27-54-UJ1

Thus I would like to keep buying this pair, until 125.00.

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Here is the list of my buy zones.

  1. 122.00
    If the price drops down to 122.00, this is DPP and Fibonacci 50%.  Also this price is the top of the Daily Ichimoku Cloud.  So I would consider to buy this pair.
  2. 121.65
    If the price further drops down to 121.65, this is WPP and Fibonacci 78.6%.   Fib78.6%?  Don’t worry.  On H4 chart, this doesn’t look so bad, does it?
  3. 122.65
    If on the other hand, the price continues to go up from the current price without any pullback, then I would like to buy this pair at 122.65 after the pullback.

 

 

Hope this setup helps you build your own.

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

 

 

 

2 thoughts on “USDJPY Trade Setup (Dec 17)”

  1. Horace Sutherland says:

    Thanks YJ, great analysis. A bounce of the 4 our 21 would be nice at the 122ish zone

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