USDJPY UPDATE for Weekly Forecast 20th - 25th Jan 2020
- UJ is sitting at our first buy zone @109.95 level.
- If correct confirmations occur this will be great place to look for bullish moves.
- If market can break this level my next buy zone will be at 109.45 so this short move can deffo be scalped.
All analysis was sent out on sunday on all my platforms!
We have multiple indicators lining up to suggest US dollar versus Japanese Yen price action is about to head lower towards low 107 area.
Firsly we have a descending trendline that we have highlighted on our trading view chart coming from 109 area on 10th of July and being tapped twice overnight at low 108s before pulling back to 107.85 area. ...
Following on from my Forex Market Breakdown Volume 5, price seems to be following suit.
We continue to consolidate between hourly support and resistance sitting between 111.756 - 111.980. Previously short term support was broken and retested and price formed a potential short setup from this zone. However, this turned out to be a fake out and since then price...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=114.1.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=114.2.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
Very strong bullish move on this pair last week and resistance has been met. I believe this pair has run out of steam and a correction is needed hence my personal bias on this pair is short to the shown level for the time being.
USD/JPY bull trend by keeping the market above the 112.50.
USD/JPY is trading above all simple moving averages (SMA) which confirming the bullish trend. The market is also trading above the bull trendline, if bull run remains above 112.50 the next objective is 113.18, July high. However failure to break above the July high (113.18) this can lead to a reversal...
Looking for this to retrace back 50% fib to around 151.238 before we drop down to 147 again. Have a great trading week guys and RISK MANAGE AT ALL TIMES... Non Farm Payrolls are also this week so expect high volatility as usual.
& Shoutout to Benji @pipseyhussle for showing me how to use Fib retracements ahaa