Bulls have been camping below 108.3 for the past two weeks. And today, they managed to knock out a number of stop orders, thereby bringing about the idea that shorting USD / JPY will be very profitable.
This can be done by entering a short position in the market, the limit of which is 109.0. Then, take profit when the quote reaches 108.3.
But if today there is another strong upward movement, set aside the plan and work on it tomorrow. Either way, it follows the classic Price Action and Stop Hunting strategies.
Best of luck!
The material has been provided by InstaForex Company – www.instaforex.com
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