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).

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

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