USD/JPY: 1-hour
If you’d rather trade ranges instead, you might like this USD/JPY forex setup much better. The pair just bounced off support around 117.25 and is heading for the top of the range near the 118.75 level. Stochastic has been indicating overbought conditions for quite some time, which means that buyers are exhausted and that sellers could take over. In this case, USD/JPY might make its way back to the bottom of the range and possibly make another bounce. Make sure you set your stops right if you’re thinking of shorting at the range resistance!
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