Trade Signals for GJ and UJ based on weekly charts
Instead of telling a person to trade here with this stop loss with this target, its always better to give him the charts with explanation of the charts and let him make his own decisions.
I have found it to be a better approach than anything else.
Amd yes, most of the indicators used on the charts are from forex-tsd itself.
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First thing first, I am back to active trading after long breaks starting from January 2007 due to ill health and later bed sores.
I have multiple sclerosis and that does trouble off and on.
Anyways, our topic of discussion here is trading usd/jpy based on weekly charts. We do know that yen is currently getting weaker against major pairs and that despite the G7 concerns japanese prefer a weaker yen to protect their profit bottom lines.
As a group investment and managed funds trader I prefer weekly charts over daily or 4 hourly charts because it removes me entirely from the worries of news trading and NFP and stuuf, as will be clear from the two charts which I will present below.
The NFP news pushed GJ in the preset direction which was already known weeks in advance.
The levels to watch on the charts are Fibonacci levels related to 61.8% . No matter what happens these levels are always achieved somehow and that is the basics of Fibonacci.
0%, 38.2% 61.8%, 138.2%, 161.8% and so on, same case with negative levels.
Lets check the GBP/JPY charts first and try to forecast its possible direction and targets in the weeks to come.
ON GJ charts, 161.8% sounds to be easily achievable, but once that happens it will have bisected the Triple EMA value 13, line which will trend it up to the 261.8% level.
Just above the 261.8% level we also have a demark level, denoted by dark red line, which forms a barrier, and we can expect a bounce there back to 161.8% or 231.8% which ever is the case.
These Fibonacci levels are based on previous weeks high and low and subject to change each new week automatically.
I wrote the code for this fibonacci indicator based on my personal requirements of automated fibonacci levels generation.
You can read the indicator development stages here:
https://www.mql5.com/en/forum/175605
Same analysis as above or USD/JPY
Since my website http://www.jungle-forex.com is hosted on my home computer using dynamic dns, there are chances that it may go offline in cases of electricity failure for hours on end or any other maintenance requirement, so you csan either pm me here or ask for my mobile number in pm, should you need any calrifications on the methods used to arrive at the above analysis, or for group investment.