USDJPY Forecast for 7th January, 2014 (Tuesday) - New High perhaps?

USDJPY Forecast for 7th January, 2014 (Tuesday)

Daily Chart

• Our view still in place for a higher high 
• After a pin bar from friday pointing bullish strength, we could argue we have a bearish engulfing, however zoom into the hourly chart below...

Hourly Chart

• Tested major support and physiological  level (under 104) last night, and rebounded, seems to have completed a b-c leg, and should break upwards.

Outlook Trade opportunity

Long for this C-D leg with stops 103.850 - Targeting new highs at the 106 handle, and taking partial profit at recent highs. You can wait for confirmation to form a higher low before going on

Risk Level -Low - good reward risk ratio

Tips -

Always take note of any economical news event on our provided calender below