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USDJPY Trade Setup (Sep 29)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-09-29_14-41-11-UJ

Nikkei is down 4%, Shanghai is down 2% today.

So Risk off day?

Well no need to panic.  (I see many private investors were panicing in the broker offices…  )

The price is still within the range bound on H4 chart (see below), touching the bottom of the range.

2015-09-29_14-41-11-UJ

From this point, we have 2 options.

  1. Buy from the bottom of the range (Range Bound Play)
    In this case, make sure to see the reversal price action on H1 or M15 charts.  The target should be 121.20 (top of the range).
  2. Wait for the break of the floor (119.40) and Breakout Play
    In this case, the target should be WS2-WM1 (118.34-118.90)

 

Hope you stay calm and trade logically and systematically.

 

YJ Baik – Forex.Today @ Tokyo

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