USDJPY Daily , Monthly , Hourly Outlook for 2nd January, 2014

Monthly Chart

• Trend bullish
• Descending trendline in the way very close by
• Because of the strong leg up, i would expect follow through and break the descending trend line in 2014
• Real Shorting opportunity would be at 121-125

Daily Chart

• Bullish trend
• Indicators are overbought
• Reaching the 161.8 extension and looking good for small short opportunity

Hourly Chart

Looks like a Bearish bat forming, however at the time of writing, the D point exceeded the 0.886 of XA leg (slightly) - This is a tricky one as some brokers started the day later, and does not reflect on their charts

broke steep trendline , however ascending Channel still in play

Stochastic are oversold 

I will be looking for opportunity to short this now with a possible bat formation (not to the point of D, but still worth the risk reward), However real opporunity to Long this pair is at the Demand area (pls check hourly chart

Outlook Trade opportunity

#1 - Long around 104.30

Risk Level Medium

Tips -

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

EURUSD Monthly Weekly and Daily Outlook for 2nd January, 2014 (THURSDAY)

EURUSD Monthly Weekly and Daily Outlook for 2nd January, 2014 (THURSDAY)

Monthly Chart

• Trend is still bullish
• Descending Trend line (since march 2008) is near at around 1.3950 -
• Stochastic is overbought and diverging
• Last month's candle's body is strong and covers previous resistance area

On a Monthly, we could see that last month's candle body is covering the resistance area, and is looking to move up to test the 1.395 - 1.4 area which also is the descending trend line

Daily Chart

• Seems to me that it will be in a consolidation mode for few days where support is 1.370
• Trend is bullish however is in a critical area where the upside is limited until we break and close well above 1.380.

There is a supply and demand area at 1.370 yet to be tested after 27th dec huge spike. This area should provide a good scalp opportunity at the least, or will provide another push up above 1.38

Hourly Chart

• There is no clear direction from the last few hours, which was good opportunity to range play
• As from the Daily , i mentioned an area of supply and demand need to be tested (1.370)
• Trend line is ascending

Outlook Trade opportunity

We will wait for market to go to our demand level at around 1.370 and will open our long position. This could be a high probability scalp or it could fill a lot of buy orders and give the market a push higher

#1- Buy at 1.370-1.37180 - profits at least 20 pips away

Risk Level Low

Tips -

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