USDJPY Outlook and Trade setup 29th Jan, 2014- Midweek report
USDJPY Outlook and Trade setup 29th Jan, 2014- Midweek report
Daily Chart
Reason why i am using the Ichikumo indicator is that the yen pairs do respect this indicators more than any other currency.
As you can see on the daily, it has rejected the clouds , however the lines (you can say the moving average line) is acting as minor resistance for the meantime
Although the clouds have been rejected, we cannot ignore the fact that it looks bearish, and i would like this to reach my first level of support on my chart and go long. (note second level of resis, might not be reached)
Hourly Chart
On the hourly, if we get into my sell zone, i would be looking to do a 80% scalp and leave 20% trade and possibly ride into new lows (as mentioned in Daily Chart)
Outlook Trade opportunity
Please see hourly chart
Risk Level LOW
Tips -
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