USDJPY forecast for the week 20th January, 2014
USDJPY forecast for the week 20th January, 2014
Daily Chart
- Based on the daily chart, Price action clearly rejected from support with a bullish englufing candle
- Potential for new highs
4h Hourly Chart
- There is a slight divergence on the stochastic
- Asian Session started lower, and found support at the 50% retrace
- Trend followers should consider going long from here
Hourly Chart
- The 50% retrace level, is also a confluence of fib ext 127.2 from recent swing down (retrace leg), if this level fails, the 61.8% is next support (and 161.8 ext)
- Next potential strong resistance is at the 106.-106.200 where we find many confluence of fib ext levels - Counter trend setup
Outlook Trade opportunity
Opportunity to go long following confirmation in Daily chart. (Please see H4)Another opportunity is a counter trend trade which probably won't be this week, however would setup a sell order at the projected major resistance level (please see H1 Chart)
***UPDATED ** - Please check trade result of this setup
Tips -
Always take note of any economical news event on our provided calender below
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