USDJPY Daily , Monthly , Hourly Outlook for 2nd January, 2014

Monthly Chart

• Trend bullish
• Descending trendline in the way very close by
• Because of the strong leg up, i would expect follow through and break the descending trend line in 2014
• Real Shorting opportunity would be at 121-125

Daily Chart

• Bullish trend
• Indicators are overbought
• Reaching the 161.8 extension and looking good for small short opportunity

Hourly Chart

Looks like a Bearish bat forming, however at the time of writing, the D point exceeded the 0.886 of XA leg (slightly) - This is a tricky one as some brokers started the day later, and does not reflect on their charts

broke steep trendline , however ascending Channel still in play

Stochastic are oversold 

I will be looking for opportunity to short this now with a possible bat formation (not to the point of D, but still worth the risk reward), However real opporunity to Long this pair is at the Demand area (pls check hourly chart

Outlook Trade opportunity

#1 - Long around 104.30

Risk Level Medium

Tips -

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