![]() ![]() Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Currency trading on margin involves high risk, and is not suitable for all investors. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. Ready to trade our daily Forex signals ? Here’s a list of some of the top 10 forex brokers in the world to ![]() A stop loss of 140 is possible, with a target of 145. Potential signal: The USD continues to race higher, and now it is a buy. Traders should remain attentive to the market's movements, particularly a daily close below ¥138, as it may indicate a shift in the prevailing trend. The market's "buy on the dips" sentiment is reinforced by the supportive nature of the bullish flag and the presence of the ¥138 level as a probable floor. The recent breakout from a bullish flag pattern suggests a potential upward move toward ¥148, followed by a possible extension towards ¥150. The Bank of Japan's inaction contributes to the yen's weakness against various currencies, including the greenback. In the end, the US dollar has demonstrated resilience against the Japanese yen, supporting a positive outlook for the currency pair. Therefore, the long-term perspective favors a bullish stance on this pair. However, at present, such a scenario seems unlikely. ![]() A daily close below the ¥138 level would be required to raise concerns. It is crucial to monitor the market closely, but as of now, there is little indication of a significant threat to the overall bullish trend. Considering these factors, it seems only a matter of time before the pursuit of yield continues to propel this currency pair higher, reminiscent of the traditional "carry trade" strategy. Traders often take into account historical price levels, leading to the concept of "market memory." Speaking of the ascending triangle pattern, its measurement aligns with a move towards approximately ¥148, further strengthening the bullish case. Additionally, the ¥138 level, which previously acted as resistance within the ascending triangle pattern, could serve as a potential floor for the market. The overall outlook suggests a "buy on the dips" situation, with the bullish flag pattern offering support and indicating the likelihood of an upward surge in due course. Many traders likely have this scenario in mind, given the current market dynamics. Subsequently, a target of ¥150 could be within reach. Notably, the market recently broke out of a significant bullish flag pattern, which indicates the potential for an upward move toward the ¥148 level. ![]()
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