USDJPY Forecast for the week 27th Jan, 2014

USDJPY Forecast for the week 27th Jan, 2014

Daily Chart

Last week my view was bullish due to the bullish engulfing candle formed, However we are clearly in a short term bearish run / correction.

• Ascending trend line is near
• On yen pairs, using ichikumo indicator is ideal, and if you put it on the daily chart, we are hitting the clouds / supports/ and the 101.300 approx is in the clouds
• On the chart, there are two support levels to look for trades

4 Hourly Chart

Hourly Chart

• After breaking support, We would be looking to sell on the retest which now is resistance.
• The next level of support is drawn on the hourly where a possible bounce scalp is possible / also shown on 4hr chart

Outlook Trade opportunity

There are three possible trades
2 are shown on 4hr chart
2 are shown on 1hr chart, however one of the trades are a repeat of the 4hr chart

Risk Level - Medium

Tips -

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