Tips for trading USD/JPY

USD/JPY failed to hold above the falsely broken weekly extreme of 147.8, and today it traded below this level. This led to buyer liquidity concentrating under the round level of 147.

This means that traders could take short positions, selling from the current prices, with the goal of retesting the round level of 147. Place stop-loss at 147.950 and set take-profit upon the breakdown of 147.

This trading idea follows the framework of the "Price Action" and "Stop Hunting" strategies.

Good luck in trading and don't forget to control the risks! Have a nice day.

The material has been provided by InstaForex Company - www.instaforex.com

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