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Hello Traders great to be back with you on a new week of trading. Just a reminder that today the big data is that ECB president Draghi is speaking in the US session. OK let us look at this USDJPY 60 minute chart I have found a nice set up for the NY session. You all can see we are in a down trade and looking to sell this pair. The big issue is we are in a 75 pip range for over 12 hours. So we have put together two trade plans, the first being the range play. I am looking for a break to the downside of the range and a close below with a bearish candlestick and conformation so we can enter the sell trade. The second trade plan is a pullback to the Fibonacci level in the purple rectangle and a bearish candle for a sell entry. elow the chart you can see where I have marked off the ” wide open space” rectangle that is to show you that when we get to that price area there is nothing left of this chart to give us trouble like new support levels and past resistance levels. Trading in wide open space is so much easier and makes taking the trade with confidence in your analysis and trade plan. On this trade we want to take profit at 119.13 before we come to the psychological price level of 119.00. Thank You Traders Talk Soon…… William

By FXOpen