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).
Thus I would like to keep buying this pair, until 125.00.
Here is the list of my buy zones.
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.
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?
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