USDJPY Forecast and trade setup for the week 10th March, 2014
Bearish Cypher and Bat Overlapping at the same PRZ
Weekly Chart
- Stochastics is crossing at overbought area
- Lots of resistance - Trendline, Clouds
- On writing this blog, i could see a potential Bearish Cypher, however the PRZ is around 104. So if its gets there, i would most likely short it on PA confirmation
Hourly Chart
- You see i have a Bat pattern drawn, which actually will be the same PRZ zone on the Cypher I mentioned on the Daily summary
- The most recent Price action suggest we have topped , however support is also near
Outlook Trade opportunity
Hourly Chart and Daily Chart identified two Patterns (Cypher and Bat) at the same PRZ
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
DXY US Dollar Index for the week 10th March, 2014
Daily Chart
- From the weekly to the Daily Chart, the US Dollar looks very heavy
- Fridays Candle indicates a some indecision.
- My bias is that we may best the December's Low
