Weekly Forecast for USD/JPY
Monthly High: The monthly high is positioned around the 162.000 level. This serves as a significant resistance point and psychological barrier.
Weekly High: The weekly high is at the 155.000 level, aligning with the psychological zone of 155.000. This level acts as a major resistance point.
Weekly Low: The weekly low is marked at 146.472, which is currently being tested. This level acts as support and is crucial for determining the next directional move.
London High: The London high from the previous sessions is at 149.000, which falls into our psychological zone of 149.000 and acts as a potential resistance point for any upward move.
Key Observations:
Weekly Confirmation: The market has provided a weekly confirmation of the trend, showing a clear downward movement. The price has been consistently moving lower throughout the week.
Price Action: The price is currently hovering around the weekly low of 146.472. This level is critical as it could either hold as support or be broken for further downward movement.
Psychological Zones: Both the weekly high and London high fall into key psychological zones (155.000 and 149.000 respectively). These levels are significant for potential reversals or continuations of the trend.
Session Confirmation: There is a good session confirmation indicating a downward trend. Given that the price is now near the 0.86000 psychological zone, we could see a potential reversal as the market opens tonight. However, trading immediately as the market opens carries risks due to potential volatility and market gaps.
Trading Plan:
Buy Zone: Around 146.472, leveraging the support provided by the weekly low. Look for reversal patterns or strong bullish signals before entering a buy position.
Sell Zone: Around 149.000, considering the resistance at the London high. This area could provide a good opportunity for short positions if the price retraces back up.
Watch List: Monitor the price action as the market opens. Avoid placing limit orders immediately; instead, set alerts to observe price action and validate the trade setup through real-time movements and market sentiment.
Risk Management:
Use proper risk management strategies, such as setting stop-loss orders and avoiding over-leveraging.
Be cautious when trading immediately as the market opens due to potential high volatility.
Ensure that the trade setup aligns with overall market analysis and session confirmations.
By considering these factors, traders can develop a well-informed strategy that balances potential opportunities and risks. Always be prepared to adjust the plan based on market developments.
Weekly High: The weekly high is at the 155.000 level, aligning with the psychological zone of 155.000. This level acts as a major resistance point.
Weekly Low: The weekly low is marked at 146.472, which is currently being tested. This level acts as support and is crucial for determining the next directional move.
London High: The London high from the previous sessions is at 149.000, which falls into our psychological zone of 149.000 and acts as a potential resistance point for any upward move.
Key Observations:
Weekly Confirmation: The market has provided a weekly confirmation of the trend, showing a clear downward movement. The price has been consistently moving lower throughout the week.
Price Action: The price is currently hovering around the weekly low of 146.472. This level is critical as it could either hold as support or be broken for further downward movement.
Psychological Zones: Both the weekly high and London high fall into key psychological zones (155.000 and 149.000 respectively). These levels are significant for potential reversals or continuations of the trend.
Session Confirmation: There is a good session confirmation indicating a downward trend. Given that the price is now near the 0.86000 psychological zone, we could see a potential reversal as the market opens tonight. However, trading immediately as the market opens carries risks due to potential volatility and market gaps.
Trading Plan:
Buy Zone: Around 146.472, leveraging the support provided by the weekly low. Look for reversal patterns or strong bullish signals before entering a buy position.
Sell Zone: Around 149.000, considering the resistance at the London high. This area could provide a good opportunity for short positions if the price retraces back up.
Watch List: Monitor the price action as the market opens. Avoid placing limit orders immediately; instead, set alerts to observe price action and validate the trade setup through real-time movements and market sentiment.
Risk Management:
Use proper risk management strategies, such as setting stop-loss orders and avoiding over-leveraging.
Be cautious when trading immediately as the market opens due to potential high volatility.
Ensure that the trade setup aligns with overall market analysis and session confirmations.
By considering these factors, traders can develop a well-informed strategy that balances potential opportunities and risks. Always be prepared to adjust the plan based on market developments.
Disclaimer
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