May I suggest non-Yen pairs?
I am also a big fan of AUD, as this is another Asian currency.
Another interesting thing about this pair (as well as GBPAUD) is… when it moves, it moves a lot!
Now looking at H4, this price has been dropping fast, riding 21EMA.
So let’s go aggressively.
Here is Hourly chart. The current price is at interesting spot, hitting 55EMA, and Role-Reversal Resistance. Also notice Stochastic is showing Bearish Divergence.
Now, for the entry…
The aggressive entry will be from the next Lower High when Stochastic begins the down cycle on M15 chart (above).
The more conservative entry will be to wait to see the Lower Low, then Sell from the retest.
The target should be
a) DS1 @ 1.4586 (DR1 -> DS1)
b) WM1 @ 1.4489
Hope this helps you build your own setup.
YJ Baik – Forex.Today @ Tokyo