Free Profitable Forex Newsletter
Hey! This is Philip with the Monday trade idea of the Free Profitable Forex Newsletter!
USDJPY technicals are bearish
The USDJPY pair, in particular, looks interesting for selling opportunities this week. A further move down will be especially likely if stocks sell-off again this week.
Technically, the 113.00 level as resistance is key now as the weekly 200 moving average and the daily 55 moving average stand in this area.
We can look for selling opportunities on the intraday charts and particularly interesting looks the 113.20 resistance area where bearish patterns can form on the 1-hour and 4--hour charts.
Entry:
- Wait for USDJPY to rally toward 113.20 and look for bearish signals and entry opportunities there.
Stop loss:
- The stop can be placed just above the bearish pattern under this scenario
Profit targets:
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If things unfold as described, then the probabilities look high that the 112.00 level will be reached, therefore this should be the first target level where some profits can be taken out of the table.
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If the bearish move accelerates, USDJPY can easily continue down to 111.00 and 110.00 which would be the next targets further out.
USDJPY could also continue lower without testing the 113.20 resistance, and in that case continuation and breakout patterns can be used to join the movment.
Trade signals from the past week (FREE + FULL paid newsletter)
- November 16, 2018 – Short NZDUSD from 0.6800, stop triggered at 0.6850 = -50 pips
TOTAL: -50 pips in the past week
TOTAL: +697 pips profit since the beginning of October
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