Hello to all traders and speculators who are here in this thread!
The price was still unsuccessful in breaking through the level of support and continued to trade sideways. On the other hand, the seller also holds the upper boundary well and does not let it pass. Therefore, liquidity should be gain for now and going down the trend is expected. As we look at the chart below, the direction of quotes in the downward direction can be accurately determined, while serious attempts of the buyer to stop the trend have yet to be determined. Due to this, it is likely to assume that the price will continue to decline further.
Today, a more detailed analysis to determine the possible options for the price movement are seen on the hourly (H1) chart.
Moreover, the continuation of the price movement to the bottom should be supported by breaking through the level of support, which is particularly located at the level of 108.48. It is necessary to consolidate below after breaking through this level, and then there is a high possibility for a downward movement. Otherwise, we will move up to the resistance loss which is located in the price area of 108.89, when the buyer is active on this line. At the same time, considering that this will be broken through, the price will most probably move even higher and we can talk about purchasing in a downward direction. Today, trading in the direction of the main trend is recommended, that is, in sales. In turn, opening deals should be considered either from the current position or wait for the breakdown of the level of support.
The yen has lost the strength of growth, but the dollar also has nothing to brag about. Bad statistics on the US will not allow the dollar to continue to grow, but the yen also has nothing to grow much.
News from Japan for today: statement by Bank of Japan representative Harada 3:30.
US News: trade balance at 15:30, the number of applications for unemployment benefits at 15:30, industrial orders m / m, the speech of Fed Governor Quarles at 17:00.
I believe the USD / JPY quotes will remain for some time in the lower part of the horizontal corridor 108.50-109.70, namely within 108.50-109.00.
The USDJPY pair touched 108.40 level yesterday and bounced bullishly to test the EMA50, noticing that stochastic lost its positive momentum to enter the overbought areas, which supports the chances of bouncing bearishly to resume the negative trades, and the price needs to break the mentioned level to confirm the extension of the bearish wave to reach 107.45.
Therefore, we will keep our bearish overview unless we witnessed clear breach to 109.33 and holding with a daily close above it.
The expected trading range for today is between 108.00 support and 109.33 resistance
USDJPY touched 108.40 yesterday and bounced up to test SMA 50, noting that Stochastic has lost its positive intent to enter overbought areas, supporting the downside chances to resume negative trading. 107.45.
Therefore, we hold onto our bearish outlook unless we see a clear breach of 109.33 and hold with a daily closing above it.
Expected trading range for today is between 108.00 support and 109.33 resistance
Despite yesterday’s positive activity between the USD/JPY currency pair, both climbed up and started to bargain inside the lateral movement of 108.956 to 108.500. Thus, from below the level of 108.500, a signal of no return was delivered resulted in the price to move higher, although not as high as yesterday with 108.986 which followed a down signal. And although it was not promptly received, the price was then forced to decline to 108.665, and from this level, another preliminary signal also provokes a continuous downward movement to 108.500. And with the issue of unemployment in the US, this might bring shock and surprise towards them. Anyhow, the dollar will not be able to move above 108.769 before lunchtime, and we welcome the flat next week in an estimated range of 500 points. That sums up my notion for this day so far. May we all have a profitable day ahead!
Hello to all traders and speculators who are here in the forum!
Let’s talk about the US dollar/Japanese yen currency pair:
For this pair, it is seen trading at the level of 108.66 and around the opening level of the day particularly to the level of 108.70. Considering that the price moves over the level of 108.80, then it is expected to continue to the level of 109.00 and perhaps, to the level of 109.23. On the other hand, in case that the price moves under the level of 108.65, it is then anticipated to move to the level of 108,40, and maybe to the level of 108.10.
Based on the chart, the price is currently under the daily pivot and main trend line moving average 72 (MA72). At the same time, the indicators on the fifteen-minute chart demonstrates a downward movement, therefore, it is recommended to move downside. Nevertheless, we should wait for the pair to exit from the triangle first and to break through the level of 109.65. Or else, a pullback can be expected.
• Long-term trend: temporary uncertainty. The maximum accumulation of volumes of the current contract is located in the range, of quotations 108.497-108.642. At the moment, the pair is trading higher, indicating the strength of buyers.
• Medium-term trend: goes long. The maximum accumulation of volumes of medium-term trend is located in the range, of quotations 108.528-108.607. At the moment, the pair is trading higher, indicating the strength of buyers.
• The area of profitable prices for buy in terms of marginal cover is located between zones 1/4 and 1/2 constructed from the maximum 02.12.2019.
• Quotation of the higher boundary of the zone 1/4-109.183.
• Quotation of the higher boundary of the zone 1/2–108. 673
• Intraday objectives: update the highs from 02.12.2019-109.697.
• Medium-term objectives: test the lower bound of GWCZ –110.741.
The USDJPY pair is technically bearish, according to the four hour chart, as it's below bearish 20SMA, which extends its decline below the larger ones. The momentum indicator heads marginally lower around its mid-line, while the RSI eases within negative levels, at around 39. Additional declines are likely on a break below 108.45 triggered by a dismal US employment report. Support levels are 108.45, 108.10, 107.75.
While resistance levels are at 109.00, 109.30, 109.60.
A movement was expected to happen in the morning, however, as we looked into the chart, nothing happened which is quite disappointing. Well, it is likely that the news that were released appeared as expected. What’s more surprising is the news that came out turned out to be great for the yen. According to the calendar, it is okay to decline. There’s been no news for the US dollar/Japanese yen for so long so this is quite surprising. Now, it seems that it is necessary for it to move upwards. Let’s say that our global traders are still asleep, but what are Japanese traders waiting for? Considering that they will take today, then there will be no more news on the calendar due to the fact that the news about yen was the most significant one.
On the other hand, what is the technical indicator, Andrew’s pitchfork indicates? According to the daily chart, it can be seen that the USD/JPY pair is a little bit under the red line and the right boundary of the ascending edge, although that doesn't say much. It is not yet clear whether to breakdown or not. Meanwhile, on the hourly chart, the situation is more significant. The upper Andrew’s pitchfork are headed downwards while the lower ones are headed upwards. Now, the pair has exited the lower Andrew’s pitchfork and is currently found below the upper Andrew’s pitchforks. Technically, the goals of the movement are 108.49 (control line of lower Andrew’s pitchfork) and 108.13 (lower boundary of upper Andrew’s pitchfork). But unfortunately, the pair went flat despite the news. Thus, today, it is possible that there will be no sharp movements since the flat is expected to continue up until Wednesday.
The US dollar was able to obtain a foothold and move above 108.826 amid the falling unemployment controversy. Acquiring this resistance level would help the dollar reach first the 108.956 which would question the entire downward movement. Sadly it hasn’t happened yet, however, there was a bullish takeover which was apparently suppressed and around this moment the price went back to the mark as it was on the front of a US news which is at 108.581.
In summary, we persistently move down all because we are in sales. Anyhow, we will continue to decline to 108.500 because the reversal did not work. So, this explains why there is a need to gain a foothold below because it makes it possible to continue the movement down to 108.260 to 107.933. Yes indeed, everything goes down to the sale, however, there is a high possibility that the price might turn back although this time at approximately 108.956 if we fail a breakthrough at 108.500. A probable growth at the breakdown of 108.665. That sums up my notion for this day. May we all have a profitable day ahead!
Forex Forum mt5.com – Introduction.
Forex market is high-yield and risky
mean of taking profit by operations with the currency rates. Instruments
of work at Forex market in many ways determine the result of currency
trading made by Forex market participants – brokers’ clients. Every
Forex broker offers its own terminal, however the most part of brokers
and traders concur in choosing MetaTrader 4 and MetaTrader 5 terminals.
This forum is created for those who prefer the terminal of MetaTrader
series in trading on Forex.
Forex Forum mt5.com – trade discussion.
Forex market forecasts, independent
opinions of novice traders and experts of the currency market – all
this you will find at the Forex-forum of trades discussion. Solid experience
of work on Forex is preferable, but all comers including Forex-newbies
may come and share their opinion as well. Mutual help and dialog –
the main goal of communication at Forex-forum, devoted to trading.
Forex Forum mt5.com – dialog with
brokers and traders (about brokers).
If you have negative or positive experience
of work with Forex broker – share it at Forex Forum, related to the
questions of Forex service quality. You can leave a comment about your
broker telling about advantages or drawbacks of work at Forex with it.
The aggregate traders’ reviews of brokers constitute a rating. In
this rating you can see the leaders and outsiders of the Forex services
Free discussions at the Forex Forum
You are a trader and want to relax?
Then Forex Forum for free discussions is for you. There are no doubts
that conversation on subjects close to Forex market is preferential.
Here you will find jokes about traders, caricature of Forex brokers
and full-rate Forex off top.
Bonuses for communication at Forex
This forum is created by traders for
traders and is meant for deriving of profit. However, each post at the
Forex forum gives its author a forex bonus, which can be used in Forex trading
at the account opened with one of the forum’s sponsors. This small
gift is presented with the aim to reward professional traders for spent
time at our forum.
We appreciate your choice of Forex
forum mt5.com as a platform for communication.