USDJPY Technical Overview and Midterm Trade Setup
Description: BoJ voted 8 to 1 to leave unchanged its pledge to increase the monetary base at an annualized pace of JPY 80 trillion. A minor retracement may be seen between 113.250 – 113.400 region towards 113.000 – 112.800. We have already published the setup for this minor reversal. After this potential minor reversal, the pair is likely to test 113.900 – 114.000 zone.
Long Trade Setup for Midterm Traders: Long @ 113.000 Target 113.900 Stop: 112.500
If the setup works as anticipated, we will look for a major retracement as follows:
Trade Period: Midterm Trading
Pair / Instrument: USDJPY
Time Frame: H4
The trend in the Timeframe: Bullish
The trend in the Daily Chart: Bullish
Trade Based On: Bearish Cypher Pattern
Recommended Lot Size: 0.05@ 10 K Account with 1:100 Leverage
The Area Of The Entry: 113.920 – 114.100
Stop Loss: Above 114.250
Target 1: 113.600
Target 2: 113.400
What to Pay Attention:
You can view the setup: USDJPY Bearish Cypher Pattern
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