Scenario #2 (if bearish USDJPY)
If the pivotal support/resistance at 100.60-80 fails to hold, and USDJPY makes a clean and decisive break below this level, there could be lots of stops from long positions to be triggered in the red circle.
With the next significant support 300pips away at 97.00, market could attempt to go for the short side.
In this case, short USDJPY when USDJPY retraces to 100.60-80.
Short USDJPY 100.60-80
SL 101.50
TP 97.00
=====
www.ForexPositive.com
Twitter @ForexPositive
=====
If the pivotal support/resistance at 100.60-80 fails to hold, and USDJPY makes a clean and decisive break below this level, there could be lots of stops from long positions to be triggered in the red circle.
With the next significant support 300pips away at 97.00, market could attempt to go for the short side.
In this case, short USDJPY when USDJPY retraces to 100.60-80.
Short USDJPY 100.60-80
SL 101.50
TP 97.00
=====
www.ForexPositive.com
Twitter @ForexPositive
=====
