USD/JPY Moving Within Ascending Corridor
Let us consider the USD/JPY currency pair on the daily chart. The price has been moving within an ascending corridor, confirmed by the Parabolic indicator and the Donchian channel. The RSI-Bars oscillator does not contradict our assumptions: it has shaped an uptrend channel.
USD/JPY Daily Chart
We may place a buy pending order at 125.081. A stop loss can be placed at the Donchian channel opposite boundary at 122.884. This level is supported by Parabolic indicator historical values and the Bill Williams fractal. Conservative traders are recommended to wait until the oscillator support line is breached at 64%. The stop loss is supposed to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the break-even point.
Buy stop: Above 125.081
Stop loss: Below 122.884