BT: USD/JPY - Dollar Yen, European Session - 16/10/08
100,20. USD JPY broke 100,95 support. USD JPY is in a consolidation after the last bearish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on USD JPY. The price should find a resistance below 100,50 (30 pips). The downtrend should continue to gather momentum.
=> We could take a short position at 100,25. We will put the stop loss above 100,60 (-35 pips). The targets are 99,25 (+100 pips, risk/reward 1:2.9), 98,50 (+175 pips, risk/reward 1:5) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.
Resistances
100,50 - 101,10
Supports
99,25 - 98,50
