USDJPY: position analyses
In the meantime, large option expiries around $1.1bln at 107.00 likely to prove as attraction level.
Now, H4 chart clearly demonstrate medium- term play probability is BUY on break-out of 107.15 and additional add-up to position if price declines to 106.67 and 106.36 area. Stop needs be placed below this strong supports – somewhere 40-50 pips below.
This stop is important should the pair goes strongly down due to possible risk-off. This is clearly can be seen on below daily chart. The pair is on extended down trend so this up-ward correction could end up at any time.