AUDJPY Daily Outlook for 23rd December, 2013 (Monday)
Daily Chart
- We are in a descending channel , and have bounced very well from the bottom of the channel
- Short term view is that we will test the upper channel / 78.6 retrace of recent swing from top channel down.
Hourly Chart
- On the hourly chart, we are getting close to Sell zone or 61.8% retrace - this is an opportunity for a short trade
- There is also a higher sell zone at around the 78.6% retrace, which is also the R1 Weekly
Outlook Trade opportunity
There are two areas possible for shorting , for conservative traders please trade the higher one.
#1 - Short at 61.8% retrace approx 93.00 - TP 20pips
#2 - Short at 78.6 / R1 weekly - 93.50 - TP 40pips minimum
Risk Level High
Tips -
Always take note of any economical news event on our provided calender below
USDJPY Daily Outlook for 23rd December 2013 (Monday)
**this is my personal favorite setup for the week**
Daily Chart
- We are trading within the 104's area which is not a strong support
- We expect the market to test the resistance in the near term.
Hourly Chart
- Fell of a rising wedge and was according to my analysis last Friday
- I hope for market to go down to the blue area which is my demand level (50% fib retrace)which looks attractive as we haven't retested this area as an support after breakout to the 104's
Outlook Trade opportunity
Two trading opportunity here, my forecast is for price to go down to test the 50% retrace at 103.550 near term. So i will have a buy limit at that area.
If market retraces back up to around 104.32 before hitting my forecast area, i will be shorting from there down to potentially my target area and taking partial profits on the way
#1 - Short at 104.32 (only if prices have not reached my forecast of 103.550) - Target to 103.550 while taking partial profits on the way and Break even for a risk free trade)
#2 - Long at 103.550 for initial 20pips profit take majority of position off, and leave small portion for bigger trend continuation to the upside.
Risk Level Low
Tips -
Always take note of any economical news event on our provided calender below
