USDJPY Forecast for 7th January, 2014 (Tuesday)
Daily Chart
http://4.bp.blogspot.com/-Kucdce36zi...1-07_14-15.jpg
USDJPY D1 - 2014-01-07_14-15.jpg
Daily Chart
http://4.bp.blogspot.com/-Kucdce36zi...1-07_14-15.jpg
USDJPY D1 - 2014-01-07_14-15.jpg
- Our view still in place for a higher high
- After a pin bar from friday pointing bullish strength, we could argue we have a bearish engulfing, however zoom into the hourly chart below...
Hourly Chart
http://4.bp.blogspot.com/-fLY0OtcGvq...1-07_14-15.jpg
USDJPY H4 - 2014-01-07_14-15.jpg
- Tested major support and physiological level (under 104) last night, and rebounded, seems to have completed a b-c leg, and should break upwards.
Outlook Trade opportunity
Long for this C-D leg with stops 103.850 - Targeting new highs at the 106 handle, and taking partial profit at recent highs. You can wait for confirmation to form a higher low before going on
Risk Level -Low - good reward risk ratio
Only the strong survives!