USD/JPY Short Term Range Sets up Breakout / Mean Reversion Trade


Published On: 25 September 2023, 9:05 AM | Jeraldine Tan, Senior Dealer

Key Entry Price Pivot(s)
  • 48.46

    Recommended Trade
  • Long at 148.58
  • Stop Loss at 147.58 (100 pips)
  • Take Profit at 150.58 (200 pips)

    Alternative Case
  •  Short at 148.38
  • Stop Loss at 148.88 (50 pips)
  • Take Profit at 147.38 (100 pips)

    Remarks
  • USD/JPY remains in a Broad Bull Channel
  • Momentum on Daily chart still remains strong for price to test the high of 151.945
  • Hence traders who are bullish USD from here on can structure a long trade on the breakout 148.46 high in hopes to ride the next wave up
  • Alternative case is presented above for traders who are bearish on USD/JPY to structure a mean reverting trade to the downside