USDJPY Trade Idea (23rd January 2020)

Currency Pair: USDJPY
Timeframe: H1
Date/Time of Signal: 23rd January 2020 / 1200hrs (SGT)

Review:

On Tuesday (21st January 2020), The Bank of Japan left rates unchanged and painted a brighter picture of the economic outlook for 2020 and 2021. With the Bank of Japan’s positive growth outlook, Yen has strengthened.

USDJPY broken the Support level of 109.80 and is on a downtrend.

Following the trend, trade signaled to sell USDJPY (Entry: 109.60) with 3 Take Profit (TP) Targets (TP1: 109.40, TP2: 109.20, TP3: 109.00) and Stop Loss (SL) at 109.90.