Welcome to my first analysis! The pair I chose to begin with is a long/buy on USD/JPY.
Fundamental Analysis:
-Since FOMC, the USD has been gaining strength with the projection of interest rate hikes in the near future. The Yen has maintained a low interest rate and does not have plan to increase it. This gives traders the opportunity to buy the pair.
-NFP was better than expected, which is the main focus for professional traders. While Unemployment data was slightly worse than expected, it is still an overall bullish outlook for the USD.
-Commitment of Traders (CoT), which is considered a lagging indicator, confirmed that the uptrend with USD/JPY is valid. Shorts have gradually been increasing against the Yen in favor of the dollar.
Technical Analysis:
-Since NFP and Unemployment data, there is a retracement occurring. Fear of Missing Out (FOMO) long/buy retail traders have been swept out and liquidity was generated at the new high for further upward movement later.
-Possible Entry within 110.900-110.750 area
Remember, do your own research before entering the trade. Happy trading and may you be successful!
Fundamental Analysis:
-Since FOMC, the USD has been gaining strength with the projection of interest rate hikes in the near future. The Yen has maintained a low interest rate and does not have plan to increase it. This gives traders the opportunity to buy the pair.
-NFP was better than expected, which is the main focus for professional traders. While Unemployment data was slightly worse than expected, it is still an overall bullish outlook for the USD.
-Commitment of Traders (CoT), which is considered a lagging indicator, confirmed that the uptrend with USD/JPY is valid. Shorts have gradually been increasing against the Yen in favor of the dollar.
Technical Analysis:
-Since NFP and Unemployment data, there is a retracement occurring. Fear of Missing Out (FOMO) long/buy retail traders have been swept out and liquidity was generated at the new high for further upward movement later.
-Possible Entry within 110.900-110.750 area
Remember, do your own research before entering the trade. Happy trading and may you be successful!