The US dollar (USD) has been moving in a consolidation range against the Japanese Yen (JPY) for the past few months between a high of 104.00 and a low of 101.00. Yesterday a bullish rejection candle formed at the support level of 101.00
This offers a low risk long position trade setup. Given this level has acted as support on previous occasions we would expect the same to hold true again. I took a long position today at 101.40 with my stops 45 pips away just under the low of yesterday’s candle stick. My initial target is 102.35 which correlates with the most recent pivot point resistance high of last week.
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