Monday, March 10, 2014

USDJPY Forecast and trade setup for the week 10th March, 2014

USDJPY Forecast and trade setup for the week 10th March, 2014

Bearish Cypher and Bat Overlapping at the same PRZ 


Weekly Chart


Daily Chart


  • Stochastics is crossing at overbought area
  • Lots of resistance - Trendline, Clouds
  • On writing this blog, i could see a potential Bearish Cypher, however the PRZ is around 104. So if its gets there, i would most likely short it on PA confirmation


Hourly Chart


  • You see i have a Bat pattern drawn, which actually will be the same PRZ zone on the Cypher I mentioned on the Daily summary
  • The most recent Price action suggest we have topped , however support is also near

Outlook Trade opportunity

Hourly Chart and Daily Chart identified two Patterns (Cypher and Bat) at the same PRZ

Risk Level LOW


Tips -

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