Forex Day Trading Forecast USDJPY for 29-01-2017

Forex Day Trading Forecast USDJPY for 29-01-2017

After few days of consolidation, there’s our long term (3-4 weeks) break out.

Lot’s of majors news, interest rate on different currency, but for us, let’s focus on a specific pairs USDJPY :

• USDJPY: Great pairs to look at, JPY are keep loosing value, and USD Index, looking to retest last highs. This make USDJPY great and easy pairs to trade for this week.

Important NOTE:

1. this week could move our way on different time, such as , Tuesday night, between 01:00 am , and 10:00 pm NY time.
2. It could also lag, till 14:00, Wednesday due to USA interest rate decision.

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

I decide to pick only this pairs, due to very clear signal on long term, and because this week I’m busy with other stuff. No time to make more than one analyses.

First let’s look at US dollars Index ( daily).

What should you see and understand?

• very clear signal to buy
• price failure showing US Dollars won’t fall for this week
• sellers could close above support trend line (orange line)

Now let’s look on daily chart, USDJPY, and see if we can get see any possible transaction.

What should you see and understand?

1. No more down trend, USDJPY moving to sideway trend
2. Sellers are strong on selling JPY ( Yen)

Long term Support and Resistance for USDJPY

The main reason why I decide to focus USDJPY, it’s because I saw:

• 2 great hammer/shooting start on weekly time frame.
• nice break out, on previous weeks
• we can clearly see, where’s our target
• very safe trade, first continuation long term

Let’s find our Entry point,  Calculate our Risk, and find out when to enter.

This trade it’s for long term, I usually like to get out on Friday, but when YEN, decide to move, it usually move for more than on week.

1. ENTRY: At this moment, It’s hard to see when and where to buy… read my recommendation above for this.
2. STOP: safe stop…around 113.500 points, but once again, when I can’t clearly see my entry point, I can’t really see my stop area. After Monday’s correction on hourly time frame, you should be able to see your stop and entry.
3. Risk/Reward: This it’s why it’s a safe trade… the potential on this trade are huge, and easy one. You can take a safer risk, and still get about 3:1.

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

We love to help with your trading success.

KV