ON DAILY TIME FRAME = There is a Fibonacci retracement level of 0.618 between the levels of 106.352 and 104.019
ON HOURLY TIME FRAME = Level of 105.530 has been rejected several times.
Also we can find a downward trend on overall chart
So, from above observation there is a lot of probability that in coming days USD may be Bearish and JPY may be Bullish. once it crosses the level of 105.204 then it can continue to the level of 104.058 and we can put our stop loss at 105.598 which gives us RISK/REWARD ratio of 2.62.
Enter trade = 105.204
Stop Loss = 105.598
Take Profit = 104.058
ON HOURLY TIME FRAME = Level of 105.530 has been rejected several times.
Also we can find a downward trend on overall chart
So, from above observation there is a lot of probability that in coming days USD may be Bearish and JPY may be Bullish. once it crosses the level of 105.204 then it can continue to the level of 104.058 and we can put our stop loss at 105.598 which gives us RISK/REWARD ratio of 2.62.
Enter trade = 105.204
Stop Loss = 105.598
Take Profit = 104.058