Sunday, February 28, 2010

USD/JPY: Bottom at 88.55 / 88.75 Price Zone

(Click on the Daily chart to enlarge it)

Prices found support at the price zone 88.55 / 88.75. So my strategy is:
* LONG above 89.00 with Stop at 88.70 and LIMIT at 90.30. When prices hit resistance at 89.50, move stop to break-even.

If prices close the 01-Hour candle below 88.75, this support level 88.75 / 88.55 is negated so my strategy will be:
* SHORT at any pullback to 88.55 price zone with a tight STOP and LIMIT at 87.40