USDJPY Outlook & Trade Setup for the week 3rd - 7th February 2014

USDJPY Outlook & Trade Setup for the week 3rd - 7th February 2014

Monthly Chart

• Rejection from the 61.8% retrace + Trendline
• Negative divergence in stochastic

Weekly Chart

• Last week candle is negative
• We have a steep ascending trendline
• Stochs should have divergence when support is found

Daily Chart

• Daily candle closed the day lowest of the week
• Please note to also look at ichimoku indicator on yen pairs, - you will see we are trading in the clouds,, and that the bottom of the clouds is where my blue buy zone is.  Also the lines are becoming horizontal which have higher chance for price to attract higher.

Hourly Chart

• Buy setup as shown on chart

Outlook Trade opportunity

Long setup is shown on Hourly chart, - could wait for price action to confirm before entering or using pending buys. - Please note to take profits / partials when we get 2x reward to risk.

Risk Level Low

Tips -

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