ActionForex.com
Feb 25 04:57 GMT

Sponsors

Forex Expos

Trade Idea : USD/JPY - Sell at 115.30 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 12 17 08:29 GMT
USD/JPY - 114.09


Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 114.65

Kijun-Sen level                  : 115.47

Ichimoku cloud top             : 116.37

Ichimoku cloud bottom      : 115.88


New strategy  :

Sell at 115.30, Target: 113.90, Stop: 115.65

Position :  -

Target :  -

Stop : -


Although the greenback staged a rebound to 116.87 yesterday, the subsequent selloff together with the breach of previous support at 115.07 signals the erratic decline from 118.66 top is still in progress and may extend further weakness to 113.90-00, then towards 113.50-60, however, near term oversold condition should prevent sharp fall below previous support at 113.13, risk from there is seen for a rebound later.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 115.40-50 should cap upside. Only below 115.60-70 would defer and risk a stronger rebound to 116.00 but still reckon price would falter below 116.30-40, brig another decline.

 

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

Advanced Candlesticks and Ichimoku Strategies for Forex Trading

For the first time, our Action Forex analysts are revealing the strategies they use in formulating the trading ideas in our popular Candlesticks and Ichimoku Analysis section. These strategies are presented in our newly released ebook "Advanced Candlesticks and Ichimoku Strategies for Forex Trading." Don't miss this opportunity in learning these techniques that professional traders use. Download both Part I and Part II NOW!

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Trade Ideas

Candlesticks Trades
Elliott Wave Trades

Forex Brokers

ActionForex.com © 2017 All rights reserved.