Tuesday, April 8, 2014

USDJPY Forecast and Setup for the week 8th April 2014

USDJPY Forecast and Setup for the week 8th April 2014

Weekly Chart


  • Last week Candle was a Shooting Star Pattern 
    • Cautious here because the Body of the candle is above previous body, which has a lower chance of a reversal candle




Daily Chart


  • We have had  Bearish run since Friday, however we are nearing support at around 102.700 which has 
    • Fib 50, 38.2 
    • Previous Resistance which now should hold as support
    • Outside return of an Descending Trendline which could be a retest of the break
    • Ichimoku Cloud and Kijun san line 
  • We also have a hidden stochastic positive divergence (possible)


Hourly Chart


  • Early Asian Session we continue to see sell off, however bound a good bounce from the monthly pivot / W S1 Pivot which also is a previous resistance, which becomes support
    • I would like a smaller push down towards 102.500-600 before attempting a long scalp
  • Stochastics on the H4 is at oversold still

Outlook Trade opportunity

If there is a lower push down, would look for PA bounce to go for a long.
Going for a long now is risky with the big bearish Candle (on the H1)
Note we have JPY data today

Risk Level - Medium


Tips -

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



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