Risk Taken 1.00%
This entry should be placed as a pending order
US Dollar/Japanese Yen: Long Trade on breach of high
Enter long in the 104.20 area seen how well the key support level held.
Stop Loss 10 pips below 102.80
Take Profit: First target 108.40, second target 110.00.
USD/JPY Analysis
The price is above the key support level found at 103.00. This is where the market spawned a bearish false break and has created a nice, long price action signal. This makes the option of entering a "trend following" order on this pair very interesting.
Here is the chart:
