USDJPY- Buy signal on the Demand Zone
Updated
Technical Analysis:
-From the Weekly to the daily, it shows a strong bullish trend .
-Price has been trading in the ascending channel since 27th April.
-We should look for a long entry on the retracement of the supply zone.
-According to the algorithm, it forecasts that price could shoot up to 1.18% in the next 20 days.
-This is a good indication to enter long for this position.
Fundamental Analysis:
- On Friday, There is going to be a big impact news regarding the USD at 1:30.
- The news release is on the Non-farm Payroll and Unemployment Rate.
-I would avoid trading around this time.
Sentiment Analysis:
- According to market sentiment, 71% of retail traders are short on this pair.
- Normally I would go against the retail traders as 90% of them lose their capital.
- Asset managers/ industrials are all placing long positions for this pair.
Lets see how this trade plans out!
Make sure to Follow, like and comment your ideas for this pair!
-From the Weekly to the daily, it shows a strong bullish trend .
-Price has been trading in the ascending channel since 27th April.
-We should look for a long entry on the retracement of the supply zone.
-According to the algorithm, it forecasts that price could shoot up to 1.18% in the next 20 days.
-This is a good indication to enter long for this position.
Fundamental Analysis:
- On Friday, There is going to be a big impact news regarding the USD at 1:30.
- The news release is on the Non-farm Payroll and Unemployment Rate.
-I would avoid trading around this time.
Sentiment Analysis:
- According to market sentiment, 71% of retail traders are short on this pair.
- Normally I would go against the retail traders as 90% of them lose their capital.
- Asset managers/ industrials are all placing long positions for this pair.
Lets see how this trade plans out!
Make sure to Follow, like and comment your ideas for this pair!
Trade closed: stop reached
This trade was going in my favour until NFP and Unemployment news came out and as you can see it stoped me out completely. This is a learning curve and what I take from this is when NFP comes out next time, all my open trades needs should be closed.
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