Wednesday, January 29, 2014

USDJPY Outlook and Trade setup 29th Jan, 2014- Midweek report

USDJPY Outlook and Trade setup 29th Jan, 2014- Midweek report


Daily Chart



  • Reason why i am using the Ichikumo indicator is that the yen pairs do respect this indicators more than any other currency.
  • As you can see on the daily, it has rejected the clouds , however the lines (you can say the moving average line) is acting as minor resistance for the meantime
  • Although the clouds have been rejected, we cannot ignore the fact that it looks bearish, and i would like this to reach my first level of support on my chart and go long. (note second level of resis, might not be reached)

Hourly Chart



  • On the hourly, if we get into my sell zone, i would be looking to do a 80% scalp and leave 20% trade and possibly ride into new lows (as mentioned in Daily Chart)




Outlook Trade opportunity

Please see hourly chart

Risk Level LOW


Tips -

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