Thursday, December 5, 2013

USDJPY Daily outlook for 5th December 2013

USDJPY Daily outlook for 5th December 2013

Daily Chart  - Bullish trend – however bearish engulfing candle to take note – bearish possibility!
  • Market is in a bullish trend however the steep trend line is breaking and with few factors
  • Bearish engulfing candle



Hourly Chart – Start of a bearish trend
  • Seems to have found support last night at the 23.6% (oct 27 low to high) / S1 Daily pivot
  • Currently showing rejection on the 61.8% retrace / Daily pivot area / Daily Trendline


Outlook Trade opportunity–
Asian session – Short at daily pivot / 30min ichikumo clouds
If market goes up to test yesterdays Daily pivot / hourly ichikumo clouds and see clear rejection from there , very good short opportunity and potentially break the support of 102 level
Risk Level – Low to Medium



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