FX CHART OF THE DAY: USDJPY TO CONTINUE UPWARD
USDJPY has a chance to continue its upward trend if it holds further tests of its 1-week uptrend (in relation to 120-hour mean).
Thus it is a good opportunity to enter a long position on the pair, if price pulls back to the uptrend border of the 1-week trend (upper 1st standard deviation), currently at 124.20.
The stop level for a pullback trade is usually the relevant mean (120-hour mean for this trade), however in this case it is a better idea to put the stop on the lower 3.2 standard deviations from 24-hour mean.
There are no significant events coming out in Japan or the States on Tuesday, so it is safe to hold the trade through the day.
Thus it is a good opportunity to enter a long position on the pair, if price pulls back to the uptrend border of the 1-week trend (upper 1st standard deviation), currently at 124.20.
The stop level for a pullback trade is usually the relevant mean (120-hour mean for this trade), however in this case it is a better idea to put the stop on the lower 3.2 standard deviations from 24-hour mean.
There are no significant events coming out in Japan or the States on Tuesday, so it is safe to hold the trade through the day.