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We may see a very rare opportunity connected with the Japanese yen. The Yen made a low at 112.75 this morning against the USD, a level tested at the moment. If that level holds, we can see a very good rebound and test of the top of 115 yen.
And vice versa, a break down could open the way all back down for a test of 110.97.
So a possible strategy could be buying at the moment with a close stop loss at 112.5, or selling with a sell stop order at about 112.70, with stop loss at 113.20.
Both strategies can provide a potential profit of more than 150 pips with a potential loss of about 50 pips, or quite good risk-reward ratio of 3.
The same is full intact about the other yen crosses, where the yen is also clode to a very good levels of support and resistance. For example against the euro, paund and aussie.
And vice versa, a break down could open the way all back down for a test of 110.97.
So a possible strategy could be buying at the moment with a close stop loss at 112.5, or selling with a sell stop order at about 112.70, with stop loss at 113.20.
Both strategies can provide a potential profit of more than 150 pips with a potential loss of about 50 pips, or quite good risk-reward ratio of 3.
The same is full intact about the other yen crosses, where the yen is also clode to a very good levels of support and resistance. For example against the euro, paund and aussie.