BabyPips.com FX-Men Team
BabyPips.com
USD/JPY: 1-hour
Here’s one for the bajillion traders watching the dollar! USD/JPY is currently testing (and possibly breaking above) a mid-channel level on the 1-hour chart. Stochastic is currently on the bears’ side but the 171.75 area is probably the more closely-watched resistance level. For starters, it’s a channel resistance that’s near the 100 SMA levels. Shorting around the levels could be a good trade idea especially if you place your stops above the 100 and 200 SMA lines. Just make sure you keep your options open and consider different scenarios in your trading journal!
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