USD / JPY is currently trading at 105.1, but it may consolidate below when the US Fed announces its decision on interest rates today.
Thus, the best strategy is to work for a false breakout in the pair, following this scheme below:
To ensure that the rate will increase and reach the target price of 107, set up a false breakout first down in the USD/JPY chart, before trading long positions after a good rebound or pullback. This follows the classic and trusted Price Action and Stop Hunting strategies for trading.
Of course, controlling the risks should not be left out, so as to avoid reducing or losing profit.
The material has been provided by InstaForex Company – www.instaforex.com