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Forex Analysis And Trading Tips - USDJPY LONG!USD/JPY
113.78
Market managed to hit below 112.50 yesterday in a sign that market may have another dip toward 111.50-60 zone before resume the rebound correction toward 115.10 zone
short-run still showing ability to continue trading zone between 111.00 – 115.10 , while below 111.00 expect 110.00 zone and below
Support Resistance
Level 1 112.15 113.40
Level 2 111.50-60 114.00
Level 3 111.00 115.10
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Daily Market Report - USD/JPY - 10th Feb 2016USD/JPY
Japanese Yen sustain advance against most counterparts on safe-haven demand after global equity drop on Global Economy growth concern
Market managed to break below 115.50 zone which add more pressure to sustain advance toward first target 113.60
As short-run sustain trades below 116.00-50 resistance zone expect farther drop toward 113.60
Mid-Run: market showing strong bearish signals after breaking below uptrend channel which may lead the mid-run toward farther drop toward 106.60
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Forex Market Analysis - 7th Feb 2016
The primary trend of USD/JPY is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is below 200 day SMA and 50 day SMA indicating downtrend of the pair. It is having an important level of 116.80. If it breaks its trend-line (black line) on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
If the pair breaks the level of 116.81, then we can expect it to test the levels of 118.
INDICATORS:-
MACD is sustaining in its negative territory although has crossed on the daily indicating a change in trend in the pair.
RSI is leaving its selling zone indicating the upcoming bullish trend in the pair.
STRATEGY:
USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Please like and comment your ideas and good luck! :)
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