Good afternoon team,
We are revisiting the USDJPY as it appears to have created a nice a-b-c correction back down onto the key support at 108.43. GOLD is also setting up a possible head and shoulders formation, which if plays out should provide the fuel the USDJPY needs to move higher based on the inverse relationship.
USDJPY – 1 Hour Charts
Trade Setup: BUY MARKET EXECUTION, current price 108.65, stop loss 108.30 and take profit 109.40
Stop loss: 35 pips
Take profit: 75 pips