USDJPY – False Break Setup In Profit for +2R | Dec 15
NOTE: The FED has one of the most important rate decisions tomorrow and there are wide expectations for a rate hike, the first in years. Many traders on Wall Street today haven’t even seen a rate hike from the Fed, so I am expecting volatility and some confusion tomorrow so be smart.
For more guidance on how to trade the Fed Rate Decision tomorrow, check out my members commentary.
USDJPY – False Break Setup in Profit (30 min chart)
After selling off from the role reversal level at 121.33 to start this week, the USDJPY triple bottomed off 120.63-ish before forming an impulsive bull run.
As you can see from the chart below, I took this trade with a tight 18 pip stop and am currently up +38 pips for +2R with +20 locked in. The pair has since formed a corrective structure which I’m trailing my SL just below.
If we can take out the intra-day highs around 121.90, then I’m expecting a move back up towards 122.15 before offers step back in. Only a daily close below 121.33 would negate my bullish bias ST.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book