Sforex
Short

IDEA FOR USDJPY NEXT WEEK.

FX:USDJPY   U.S. Dollar/Japanese Yen
383 3 1
-Fundamental Analysis:
USDJPY             has a strong corelation with S&P500             , so I always analyse S&P500             prior to analyse USDJPY             .

I had my own analysis of S&P500             here:
IDEA FOR S&P500 NEXT WEEK.


I choose the trend of S&P500             is downtrend, so the trend of U/J next week would be downtrend.

No major US economic data is released next week, all eyes head to BoJ Meeting. This is the main event which affects on U/J next week.

However, I don't put much my faith in this event. Why do we over expect about this event ?. what do we expect form BoJ while everything is on the right road : Japan economy is recover very well, CPI             gradually reaches 2% target, Nikkei225 rally and export increases.

We think nothing new in this BoJ Meeting, they will keep monetary policy unchanged and keep going their stimulus.

This level of USDJPY             now is not too low : enough high to BoJ don't have more action.

Hence, we think U/J will correct a little bit : the problem is WHERE ?.

-Technical Analysis:
103.80 level now is not a strong support cause it was broken two times last week.

U/J has a level to test now:

-23.6% Fib retracement :103.36

I open a position:

- SELL USDJPY             at current price.

Take profit at 103.36. 87 pips.

Stop Loss at: 104. 77 pips.

To safe : stop loss at 104.10 : 87 pips.

do you think i should open a put position in binary options with expiration date 24 jan (at the end of the day)? thank you
Reply
Sforex PRO Nika Kerelashvili
2 years ago
Indeed, I don't trading binary Option, I just care Spot forex, so I don't understand much about binary option.

Which level you want to hit PUT position ?
Reply
Sforex PRO
2 years ago
Hit Take profit 87 pips gain
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out