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

AUDUSD Forecast for the week 8th April 2014 - Has Cypher been activated yet?

AUDUSD Forecast for the week 8th April 2014 - Has Cypher been activated yet?

• The reversal zone has been touched slightly last week
• Bullish momentum is strong

Monthly Chart

• Obvious Stochastic Positive divergence
• Near Resistance

Weekly Chart

• Stochastics is overbought territory but still rising
• RSI is also pointing upwards
• Last week Candle is a small bullish hammer closing higher than its previous huge bullish candle
• However candle body is small

Daily Chart

• Bearish Cypher zone has been touched slightly last week, however prices managed to creep back up
• There is a possible divergence, but would like to see a higher high perhaps to the 0.935

Hourly Chart

• Technically Chart is showing that bulls are in control and pushing prices to the high 0.92, and if we manage to trade there, a high chance we will break to the upside to test its 0.935 which in terms of Fibonacci it has very strong level and confluence
• Flip side, if we get a fail rally (currently Tuesday Asian Session), Looking to see a break of the ascending trendline to go short (for scalp / intraday trades)

Outlook Trade opportunity

I would like to see price shoot up towards 0.935 and drill to an hourly to look for a shooting star candle pattern and take a short, otherwise if prices to fail to go above 0.93, would look for break of ascending trendline to go short

Risk Level LOW

Tips -

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