Today's trading plan should take into account the fact that the pair is trading below a monthly shortfall. This completely cancels sales from current levels since the probability of a return to the control zone has increased to 90%. Purchases are best viewed below current levels. The pattern of "false breakdown" on the nearest extremes is suitable for this.
The first goal of growth can be considered at a weekly control zone at 107.32-107.16. Reaching this area will allow you to get the necessary risk-to-profit ratio for purchases from current levels.
An alternative model will be developed if the pair continues to fall to a weekly low. At this minimum, there is a significant weekly shortfall of 105.47-105.32, a test of which can lead to a sharp increase in demand. The basis for trading is going beyond the monthly short-circuit, so any models in the direction of weakening the Japanese yen will be advantageous at a distance.
An alternative model will be developed if the pair continues to fall to a weekly low. At this minimum, there is a significant weekly control zone of 105.47-105.32 and a test of which can lead to a sharp increase in demand.
Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com