USD/JPY Trading Plan, July 31st 2013 (English Language)

Hello traders,

A good opportunity in the USD/JPY pair is shaping up.

The pair is at major support, the 97.7 area. One of the two scenarios is going to develop (please refer to the below picture):

USD/JPYforex pair, daily chart - July 31st, 2013

USD/JPYforex pair, daily chart – July 31st, 2013

Scenario 1. Price never comes below the 96.7 level, the move higher resumes and the first target would be a recent highs in the 103.25 area.

Scenario 2. The 96.7 level is pierced on the downside and triggers a sell. In this case it is probable, in my opinion, to revisit the 94 area with a potential to moving lower into the 91.60 level. In this case the weekly timeframe would show a failed extension long which could set the scene for a full retracement into the 89.7 area.

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Have a good day

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