The reason why i chose USDJPY this week as apposed to any other pair
Fundimental analysis:
1) The USD had a strong bull run last week. The reason according to the experts is investors were seeking US dollars and the trend is likely to continue this week
2) On Friday USD run slowed down and retraced on all major pairs. Retrace on the JPY was the weakest. Thus hopefully its got more chance of resuming the up trend
3) No major economic indicators are scheduled for early part of this week. Wednesday will be first with US CPI and durable goods orders. Will monitor the situation during the week
Technical analysis:
1) My entry point is quite far from market price due to high volitilty so there chance my order might not be filled. Rather be conservative
2) Stop loss is placed below strong line of resistance
3) Take profit placed at strong line of support
4) Pin bar in place showing rejection at resistance line
3) Risk reward is 1:3 (Breakeven 25%)
Fundimental analysis:
1) The USD had a strong bull run last week. The reason according to the experts is investors were seeking US dollars and the trend is likely to continue this week
2) On Friday USD run slowed down and retraced on all major pairs. Retrace on the JPY was the weakest. Thus hopefully its got more chance of resuming the up trend
3) No major economic indicators are scheduled for early part of this week. Wednesday will be first with US CPI and durable goods orders. Will monitor the situation during the week
Technical analysis:
1) My entry point is quite far from market price due to high volitilty so there chance my order might not be filled. Rather be conservative
2) Stop loss is placed below strong line of resistance
3) Take profit placed at strong line of support
4) Pin bar in place showing rejection at resistance line
3) Risk reward is 1:3 (Breakeven 25%)