USDJPY Trading setup 2023-08-12
The USDJPY has currently reached a resistance level on the weekly chart, making it a favorable position in terms of risk-reward for a Counter trend.
Considering the recent views of the Bank of Japan on interest rates, a reversal may be on the horizon.
It is suitable to gradually build positions at this stage, with a stop-loss set at the previous high of 151.944.
The take-profit can be aligned with the trendline, but be mindful that the trendline changes over time.
Please be aware that Counter trend carries higher risk and is conducted to seek higher returns.
Considering the recent views of the Bank of Japan on interest rates, a reversal may be on the horizon.
It is suitable to gradually build positions at this stage, with a stop-loss set at the previous high of 151.944.
The take-profit can be aligned with the trendline, but be mindful that the trendline changes over time.
Please be aware that Counter trend carries higher risk and is conducted to seek higher returns.
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