USDJPY Outlook for our long term positions. On our daily time frame chart we have the pair trading in a channel for several months already. We are going to try to catch the opportunity on any breakout, either to the downside either to the upperside breaking the 123.010 price mark.
For both scenarios we are going to use Stop-Orders.
On the downside we will place a first Sell-Stop order at 117.713 price mark with SL at 119.457 and a TP at 116.514 ; Second Sell-Stop order at 114.232 SL at 116.612 TP at 109.225, this second order will have a Traling Stop with 2000 points.
As for the the scenario 2 (mainly because we could see stronger US dollar still), we will be placing a Buy-Stop at or above 123.010 as you can see on the chart below. (please use your SL and TP as you see fit)