USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)

USDJPY Daily and Weekly Outlook for 6th January, 2014 (MONDAY)

Daily Chart

• After rejecting from the 161.8 fib extension market tried to retrace however failed to go any futher and performed a nice pin bar on Friday 
• Signs are showing bullish (Price action)
• Indicators... stochastic are pushing south, but they are lagging, RSI just under 70

I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.

Hourly Chart

• After a huge drop , we have found support at 104.1 level and saw price had quickly retraced 100% of the 2nd Leg (C-D)
• At close of Friday, price had stalled just below a resistance level , however candles prior to that are very strong bullish momentum
• Chances of breaking higher / breaking resistance is high

Outlook Trade opportunity

Three setups -

#1 - If price had not break the resistance, I will look for opportunity to buy long at around 104.650 with stops at the 104.450 - Targets at 104.830 tp1, and 105.110 tp2

#2 - If market breaks through resistance with good conviction and past 104.940 , I will look for opportunity to buy long at a retrace approx 104.915 and stops 104.746 with targets 105.110 and beyond

#3 - I have my eyes on the 106.100 area and will be very very happy to short it there as there are major fib extension levels of confluence.

Risk Level Low

Tips -

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

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