USDJPY consolidates between 100.94 and 101.35 as you can see at the chart above. There are two strong resistances which are very closed each other. The first one is the obvious 101.35 and the second is the 101.51. Both resistance levels have been created the first days of July 2013. Moreover, as you can see from the chart above the price is above the three SMAs, SMA-50, SMA-100 and SMA-200 showing a bullish trend. Taking all the above into consideration, the trading idea for today is the following. You can put a sell limit order at 101.34 with stop loss at 101.53 and take profit at 100.88.
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