To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=aBTM3P6aj4s Now, let’s take it on over here to the USDJPY. Take a look at our technical aspects of the chart, and then we’ll discuss some of the fundamentals. First off, we have been for quite some time, since the beginning of the year, in a downtrend. The blue trend line represents that, capping out the high at the very top of the blue trend line and this high right in the middle of the blue trend. Pink-shaded area right around 115.30 or so. Made that high and we put the blue trend line there. What’s interesting is today we’re sitting on top of that blue trend line. So, we came down from the high, touched this high, and now we’re on top of it. It pushed through it, sitting on top of it. That’s very important for today’s analysis. A technical support on top of what was a bearish trend basically since the beginning of February. You look at this candle right here. February 7. You can even go back to the previous candle right here. This red candle right here, and that was back in February 6. So, since February 6, we have been on a rise after touching back down here at the green zone. So, we rose from February 6. Broke through the blue trend line. Now sitting on top of it. Other than that, take a look. 112.80, 112.50, the purple-shaded area, where the current market sits. Follow it back here, where this blue box is and take a look at all this support. We saw support. Reversal. Support. Reversal. Support. Bounced off it a few times, and then finally broke through it and made the green zone. So, again, look back here, where the blue box is. Can I zoom it in one more time? Yeah. Right here, and I’m looking back here. Let’s put a couple of X’s. Right here support right there, where the black X is. Here is support here. And again, here is support here. So, we know that this purple-shaded area between 112.50 and 112.80 has been support before. So, we know it’s a technical support barrier. We even see some resistance top of the black box. We see sitting on top of the blue trend line. I’ve also taken Fibonacci from the last low, the low at the very bottom of the chart to our most recent resistance high here at the green zone. Basically from green zone to green zone, the low to high. Fibonacci there puts the .618 fib at 112.87, right on top of that purple-shaded area. So, I believe technically we have a support barrier here into the purple-shaded area. And only really if it gets underneath it, do you look for it to go lower, at least back down to the green-shaded area down here. Back up, we look at the orange-shaded area as our first resistance. Yellow-shaded area as our secondary, and of course the green zone up here would be our last resistance before breaking and making a new high towards the pink-shaded area. So, technically those are our levels to watch. Fibonacci in there. Trend line. So, fundamentally, again, I think that this week, overwhelmingly, we’ve had positive US data. All of the news that we’ve had this week, even Fed Chair speech this was predominantly hawkish and good news for the USD. So, all of that really leads me fundamentally to look for dollar positive movement. Again, unfortunately, we haven’t seen the market recognize the fundamentals. It’s been selling off regardless of the fundamentals. https://www.youtube.com/watch?v=aBTM3P6aj4s Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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Duration: 7m 6s
Rating: 4