USD/JPY is trading in a range. What we want to see is breakout to either direction, but since MACD is making lower highs we favor break to the downside also 110 is a round number and therefore huge resistance level for us.
1. If we get a break to the downside our profit taking area will be between 106.50 and 106.00 area and stop loss above the range area.
2. If we get break to the upside AND MACD crossover, then our stops will go below range, while profit taking area will be around 112.00.
1. If we get a break to the downside our profit taking area will be between 106.50 and 106.00 area and stop loss above the range area.
2. If we get break to the upside AND MACD crossover, then our stops will go below range, while profit taking area will be around 112.00.