USDJPY Weekly Update

USDJPY Weekly Update

6 October 2017, 13:04
Mohammad Mohi
0
36

Last week:
During last week, market went bullish, rising to as high as 113.25.
Market was opened on Monday at 112.14, it drops to its minimum price at 111.47 on Mon, 09/25/2017 - 19:00, then it rises to its maximum price at 113.25 on Wed, 09/27/2017 - 16:00 and finally it was closed on Friday at 112.53.

Technical analysis:

  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more loses.
  • Relative strength index (RSI) is 62.
  • Current short-term is range bound, but resumption of uptrend is expected.

Trading suggestion:
There is possibility of temporary retracement to suggested support zone (108.10 to 107.20), if so, traders can set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (108.10)
  • Ending of entry zone (107.20)

Supports and Resistances:

  1. 109.85
  2. 110.95
  3. 112.60
  4. 114.35
  5. 115.50
  6. 118.60
  7. 121.50
  8. 123.50
  9. 125.80


Trade Setup:

#USDJPY
Total Profit: 2741 pip
Closed trade(s): 529 pip Profit
Open trade(s): 2212 pip Profit
_______________________________________________
Trade Setup:
We opened 10 BUY trade(s) @ 109.37 (day close price) based on 'Valley' at 2017.09.11 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/U...

Closed Profit:
TP1 @ 109.85 touched at 2017.09.12 with 48 pip Profit.
TP2 @ 110.95 touched at 2017.09.14 with 158 pip Profit.
TP3 @ 112.60 touched at 2017.09.21 with 323 pip Profit.
48 + 158 + 323 = 529 pip

Open Profit:
Profit for one trade is 112.53(current price) - 109.37(open price) = 316 pip
7 trade(s) still open, therefore total profit for open trade(s) is 316 x 7 = 2212 pip
_______________________________________________

Share it with friends: