TRUMP’s Week! USDJPY – OPEC Meeting , FED minutes and many others important news. What can you ask more for high volatility?

Forex Day Trading Forecast USDJPY for 22-05-2017

High volatility week, watch you back!

With us dollars testing 97.00 level, bond breaking new “highs” and Trump’s travelling we should get some interesting thing in market

mostly will focus on  WTI and Dollars index and Bonds. How ever I pick JPY as second pair for those who can’t trade:

• USD & 10 y Bonds: USD gain in strength after hitting bottoms at 97.00 around & bonds hitting double making double tops.
• JPY: look like as a “no-where” currency for this week. Going no-where, safe to trade.

Let’s Plan our trade on USDJPY for this week.

Before going on USDJPY chart, let’s look how dollars index , 10 y note and WTI.

What to look for?

Dollars Index Daily chart:

• 3rd touch on “green trend line”
• “orange support” range
• wait for sellers re-test our support at curret price

WTI Daily chart:

• LL & HL , creating lower low and new highers lower
• “orange support” range for continuation
• wait for buyers get exhausted

WTI Daily chart:

• Double bottom retesting 3rd time
• “orange support” trend line to be retested by buyers
• ” M Pattern” , can you see it ?

Now, let’s look on USDJPY daily time frame.

What should you see and understand?

• First we see a great H&S pattern on support trend line
• Buyers was strong on last move, look like a good break out
• got a 61% retracement level

NOTE: for this week transaction, I’m using multiple Index & chart to get my clear entry, mainly 10y note , dollars Index and USD/JPY for entry. Due to high volatility, I may simply enter on 10y note or US Dollars Index.

It’s why you need to be careful for this week. Hight volatility give great moves but also can add risk to your trades.

Make sure you know what you are doing!

Let’s find our perfect timing for an entry points:

My recommendation on timing:

• As time will go, we should see a pennant or simply retesting last highs before getting our short signal on 10 year Note. This would be my “Q”  to go long on USD/JPY

Due to un-usual week, with FOMC and OPEC next day, I don’t have a back up trade. Better to focus only on one simple thing, knowing all market will be affected stimulatingly.

Thank you readers, comments or ask question if you have some.

We love to help with your trading success.

KV