FOREX Trade of the Day: Buy USD/JPY

Our YouTube video illustrates today's FOREX Trade of the Day and identifies upside price objectives.

Today's FOREX Trade of the Day was a long USD/JPY position.

Entry Buy:     114.65
Exit   Sell:      115.16

Notional Intraday Profit: +51 pips

Today's intraday Low of 114.62 was below the 23.6% retracement of Friday's Daily range, rendering the retracement level a profitable Entry Buy level.

Today's intraday High of 116.00 was above the 76.4% retracement level of the range from last Thursday's High through last Friday's Low, rendering the retracement level a profitable Exit Sell level.

Looking at the Monthly chart below, we can see the Weekly Open from last week gapped and opened above the 112.37 and 112.66 levels, representing key retracement levels related to the High from January 2002 and the High from June 2007, respectively.

Upside price objectives include 120.11 and 121.07.


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