Don't miss the great buy opportunity in USDJPY Long

U.S. Dollar/Japanese YenFXCM

Description

⋅ Oct 13, 2019 10:50 AM

Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (108.00). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Technical analysis:
. There is a divergence in RSI and price between the trough at 106.775 on 2019-06-25 and the trough at 104.45 on 2019-08-26, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
. USDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 61.

Take Profits:
TP1= @ 109.00
TP2= @ 110.70
TP3= @ 112.15

SL= Break below S2

Comments

VasilyTrader

⋅ Oct 14, 2019 7:04 AM

I have the same outlook!
good job!

ForecastCity

⋅ Oct 14, 2019 2:08 PM

@VasilyPonomarev, Thanks. It was good to know that.

Best_Forecast

⋅ Oct 13, 2019 5:05 PM

Very nice analysis man, looks very clean !

ForecastCity

⋅ Oct 14, 2019 2:09 PM

@Alexander_007, Thanks, it's our pleasure.

fxniki

⋅ Oct 14, 2019 2:34 PM

Thank you ForecastCity, for being such a grate hope for all the traders. I won't miss such a great buy opportunity in USDJPY you shared with us. Thank you for all your effort.

ForecastCity

⋅ Oct 14, 2019 2:41 PM

@fxniki, It's our pleasure!