BombayBulls
Long

Forex Trade Setups for Friday - USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
37 0 0
Equities ( especially S&P 500             ) have witnessed some havoc during recent Friday sessions. ECB hinted yesterday about easing further and earlier ( probably during March meeting ) and memo well received by equities . Along with equities , AUD/USD             and USD/JPY             got much needed respite from constant selling. These two pairs are trading the equities very well for last few sessions. USD/JPY             in a range between 116 to 118.50 and AUD/USD             between 0.6850 and 0.7050. Today we will concentrate on these two as well as our largest pip gainer of the month - USD/CAD             which netted us more than +550 pips so far.
There is no point in chasing the moves higher right now so what we will wait is for little pull back towards support levels. Currently E-mini S&P 500             futures are trading around 1885. We think it will meet with good selling around 1890 - 1900. So to keep the bullish bias alive, pullback should not retrace more than 1865. So for S&P             futures , we will dabble in longs near those levels to see how things work. And if 1865 / 1860 holds, then it can catapult S&P             to bigger resistance level near 1925. So today's plan is to trade above mentioned currency pairs in sync with S&P             .
AUDUSD             - Current 0.7025 is not the level to get into because stiff resistance is right there at 0.7050. So buying it near 0.6950 and expecting rallies towards 0.7000 - 0.7050 makes sense.
USDJPY             - Same applies for this yen pair. Pullbacks towards 117.50 and 117 should be well supported, at least for today. On a medium term we would like to sell this pair around 119.50 / 120 but for today we are planning to play from long side from above mentioned levels.
USDCAD             - Canadian dollar             might fall further but we think still there is a chance to trade it from long side if we get better entry levels near 1.4200 and 1.4100. 1.4000 is big support on daily chart so we don't think that level is going to be breached easily. So we will get long this pair along these levels to fetch some more pips.
Well, except USDCAD             , both AUDUSD             and USDJPY             trade depends upon equities a lot. So if equities start wilting then all bets are off because we don't want to carry positions over the weekend.
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