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27/01/2015: Trading Idea BUYING USD/JPY


Trade:    BUYING USD/JPY

Entry:                    @ 117.40 (a pull back to the bottom of the range gives a chance to buy)

Target:                  118.85 (around the recent range high and a pivot level)

Stop:                     116.90 (below the support of the range low at 117.20)

Reason: I am playing the range 117.20/118.85  which has been in place for over a week. The RSI on the hourly chart has been an excellent gauge as a classic buy signal below 30.

USDJPY   27012015

 


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