USDJPY Forecast and Trade Setup for 3th March, 2014

USDJPY Forecast and Trade Setup for 3th March, 2014

Daily Chart

• My marked area of Potential Reversal Zone (in blue) is a Fib ext of 200 from the first leg down from the highs
• Look left, and you will see its also a previous resistance
• Also a 61.8 Fib Retrace level

Hourly Chart

• On the 4 hourly chart, i can identify a equal measured move, which falls right at my blue zone (PRZ zone)
• Will take this trade as a longer term trade, stops will be wide

Outlook Trade opportunity

Please see Hourly Chart

Risk Level Medium

Tips -

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

AUDUSD Short Setup perhaps? - 3rd March, 2014

AUDUSD Short Setup perhaps? - 3rd March, 2014

Outlook Trade opportunity

H1 Candle price action performed rejection pin bar during asian session

• Price action opened lower today, breaking last weeks resistance, -

• Currently filling the gap and which also is the broken support / now becomes resistance

Contradicting factors

• Stochastics has bullish divergence - however will always have these during a break of support and continuation

• Gold is appearing to wanting to break higher (positive correlation to the Aussie)

Trade recommendation

For a small risk, we can go for a short trade, with stops above pin bar

Tips -

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