USDJPY Daily Outlook for 23rd December 2013 (Monday)
**this is my personal favorite setup for the week**
Daily Chart
- We are trading within the 104's area which is not a strong support
- We expect the market to test the resistance in the near term.
Hourly Chart
- Fell of a rising wedge and was according to my analysis last Friday
- I hope for market to go down to the blue area which is my demand level (50% fib retrace)which looks attractive as we haven't retested this area as an support after breakout to the 104's
Outlook Trade opportunity
Two trading opportunity here, my forecast is for price to go down to test the 50% retrace at 103.550 near term. So i will have a buy limit at that area.If market retraces back up to around 104.32 before hitting my forecast area, i will be shorting from there down to potentially my target area and taking partial profits on the way
#1 - Short at 104.32 (only if prices have not reached my forecast of 103.550) - Target to 103.550 while taking partial profits on the way and Break even for a risk free trade)
#2 - Long at 103.550 for initial 20pips profit take majority of position off, and leave small portion for bigger trend continuation to the upside.
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