USDJPY Outlook and Trade setup 29th Jan, 2014- Midweek report
USDJPY Outlook and Trade setup 29th Jan, 2014- Midweek report
Daily Chart
- Reason why i am using the Ichikumo indicator is that the yen pairs do respect this indicators more than any other currency.
- As you can see on the daily, it has rejected the clouds , however the lines (you can say the moving average line) is acting as minor resistance for the meantime
- Although the clouds have been rejected, we cannot ignore the fact that it looks bearish, and i would like this to reach my first level of support on my chart and go long. (note second level of resis, might not be reached)
Hourly Chart
- On the hourly, if we get into my sell zone, i would be looking to do a 80% scalp and leave 20% trade and possibly ride into new lows (as mentioned in Daily Chart)
Outlook Trade opportunity
Please see hourly chartRisk Level LOW
Tips -
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