USDJPY Trade Setup & Forecast for the week 17th Feb, 2014

USDJPY Trade Setup & Forecast for the week 17th Feb, 2014

Weekly Chart

Daily Chart

Hourly Chart

There is a few uncertainty with this pair, I have a Buy setup on the hourly chart, however traders need to becareful, as if it gets to that price, on the daily, price will break the clouds signalling a bearish trend, however it could be a false break. Having said that, the multiple exact confluence of fib levels is quite strong to give it a push.

Outlook Trade opportunity

Please see Hourly Chart

Risk Level Medium

Tips -

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

US DOLLAR INDEX (DXY) - (Trading into Support?) Forecast for the week 17th Feb, 2014

US DOLLAR INDEX (DXY) - Forecast for the week 17th Feb, 2014

(Trading into Support?)

*chart says 'resistance' typo - should be 'support'

The US Dollar Index is trading into important support area, with confluence of fib levels and pivots as well.  (79.70 is the level to watch). If it gets down there, trading US dollar crosses for scalp trades should setup very well for scalpers.