As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=112.15. But the short term forecast is range bound, so we expect to reach the following targets: TP3: R1=112.55. TP4: R2=112.9. Set the stoploss of these orders at breakout of S2=112.
Stop and reverse: If trend gets reversed, sell (stop) orders will be opened at breakout of S2=112. In this situation, there is an expectation to reach the target S3=111.4. Set the stoploss of reverse orders at breakout of S1=112.15.
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Nice idea on USDJPY and there may be bullish potential as you have identified. We found out that USDJPY is testing it’s resistance (100% Fibonacci extension , 38.2% & 78.6% Fibonacci retracement , horizontal swing high resistance) at 112.64 which is near the resistance 1 that you've identified. If resistance is broken, it would rise to 112.90. RSI is seeing a bullish breakout. If a potential breakout does occur, we may want to look at 112.902 resistance level which is near the resistance level 2 that you've found. It is a 61.8% extension and a horizontal swing high resistance. Looking forward to see how things develop.
Please have a look at our idea and we would like to hear your thoughts.
ForecastCity
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@ICmarkets, Thanks for your ideas and for your nice words and support.
Thank You for sharing!