USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)
Daily Chart
- After rejecting from the 161.8 fib extension market tried to retrace however failed to go any futher and performed a nice pin bar on Friday
- Signs are showing bullish (Price action)
- Indicators... stochastic are pushing south, but they are lagging, RSI just under 70
I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.
Hourly Chart
- After a huge drop , we have found support at 104.1 level and saw price had quickly retraced 100% of the 2nd Leg (C-D)
- At close of Friday, price had stalled just below a resistance level , however candles prior to that are very strong bullish momentum
- Chances of breaking higher / breaking resistance is high
Outlook Trade opportunity
Three setups -
#2 - If market breaks through resistance with good conviction and past 104.940 , I will look for opportunity to buy long at a retrace approx 104.915 and stops 104.746 with targets 105.110 and beyond
#3 - I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.
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