Two scenarios for friday FX:USDJPY
Trade plan:
1. Wait for the event and the initial move. The move will break one of the SR levels
2. Enter on the pullback to the SR level
Yesterday Fed Chair Powel testimony showed rates will be increased. So stocks are going to get cheaper.
Because of the sell-off yesterday, the sellers are exhausted. We need to wait a pullback to the last buyers who are willing to sell to get themselves to break-even.
Some long-lasting rotation may take place.
Cooling down should be expected after Friday's strong movement. A good level to attack is 12347 because it is the nearest biggest supply zone. If this level is not reached at the beginning of Monday or at the London open, then 12245 level should be considered a second chance to enter.
US market open will take 12100 with some sideways move. After that 12465 should...