Good morning traders!
Today I am looking at UDS-JPY forex pair for potential opportunities that could materialise when the markets open with Asian session on Monday morning. On the chart below I have marked two levels for a potential buy trade. The closest to current price is:
Buy at 97.77; Stop loss 97.47 (30 pips risk); Target: 98.64 (Well over 1:3 Risk to Reward ratio.)
I would like to see clean arrival into the level. If the price action hesitates just before getting into the level then I will not take this trade and wait for the next level further down.
If you want to know my reasoning behind this or want to share your views and opinion you are very welcome to contact us.