USDJPY Forecast and Trade setup for the week ending 4th July, 2014

USDJPY Forecast and Trade setup for the week ending 4th July, 2014

- Take note of the H1 Trend Filter chart

Daily Chart

• Yesterday closed at the support, and will be looking to see if there is any bullish price action reaction from it (on the 1 Hourly we have bullish signals)
• Note the USDJPY is one of the weaker ones today compared to other yen crosses. This is due to the fact that the us dollar index has fallen through major support today. 

Hourly Chart

• Interesting scenario here where Daily and H4 is all pointing bearish indicators, however H1 just past few hours managed to be in a bullish territory according to the table below
• possible bullish setup at a support zone

Trend Filter	Daily	H4	H1
3 MA Cross	Bearish	Bearish	30/50 crossed to bullish
30SMA	Below	Below	Above
50SMA	Below	Below	Above
100SMA	Below	Below	Above
Ichimoku	Bearish	Bearish	Broke above the bearish clouds (Bullish signal)
SCORE	5/5 Bearish	5/5 Bearish	ALL Bullish SIgnals

Outlook Trade opportunity

On a H1 we could look for retrace and possible take a long trade to test 101.6-101.7 , however it is good to take note that us dollar index is very weak

Risk Level - Low Medium

Tips -

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