It is Monday, the beginning of the important week – FOMC, BOJ Meeting, etc.
Let’s get going!
USDJPY was a rising start on Friday, and finally broke Daily Ichimoku Clouds, resulting “3 Yaku Koten” (Strongest Buy Sign) in Ichimoku.
Now everyone sees the top of the cloud is 120.70, which will serve as a strong Support.
On H4 chart, we can also see the price broke the top of Outer Range. Also note that after the price broke the Inner range top, we could play Breakout Strategy to buy this pair. I hope some of you bought this pair from 120.40ish.
We would like to keep as many open positions with Stops at Even, before BOJ meeting on Friday.
Here is the list of today’s BUY Zones.
As always, we should consider to buy this pair from Fib 38.2-61.8% of Friday’s range. (Fibonacci in the chart is from Friday’s Low and Friday’s High)
Note that Fib68.2% is VERY STRONG Support with Daily Ichimoku Cloud Top, WPP as well.
So if the price comes down to this level, I would just buy this, with Stop below 120.20.
I hope this helps you build your own setup.
YJ Baik – Forex.Today @ Tokyo