1) USD/YEN
U/J H4 Chart
U/J Daily Chart
U/J Weekly Chart
Technical Analysis
Usd/ Jpy moved between the 86.25 and its recent low 84.85 for almost 3/4 weeks on Daily Chart.
On H4, lifting this currency pair above 85.91 (Resistance 2 on H4) ) shall then retest the recent high 86.37. And only after Breaking this 86..37 will confirm its north bound journey above 87.44 (61.8% Fibo on Daily Chart)
On the Downside, going below the recent low 84.85 shall expose 80.55 (the 1.27 Fibo Ext.)
Trading Strategy
1) Open A Long(Buy ) PENDING order near 86.50 ( Just in Case the possible currency Intervention by BOJ to stamp the rapid appreciation of the Yen)
2) Meanwhile looking for SELLING (Short) the currency pair with tight Stops and Trailing Stops to take advantage of the persistent gaining of the YEN strength due to RISK Aversion ( Please refer to my previous Fundamentals and Technical Analysis on Yen.)
SELLING down the pair on Next market's Asean session , wth target near 84.90 , but watch out for any sign of Currency Intervention from BOJ.
This blog will detail how to create unlimited wealth through Forex/Futures/Commodity and Option Trading
Welcome to my Trading Blog
Disclaimer: This is my personal Blog, reflecting my very own views on Forex , shares and commodity tradings. As such, all informations provided here are barely for information purposes only,. The author should not be held liable for any errors, incomplete information, delayed messages, or for any actions taken in reliance on information contained herein.This blog is new, being established on 06,May.2010. While I am executing trades, posting will be sent simultaneously. The date/Time indicated here is of US Pacific zone(++15 Hours for Singapore/KL/Beijing, Or ++7 hours GMT)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment