Welcome trading legends,
In this blog, we’ll be trading the USD/JPY asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
Coming into the year, USD/JPY was on my radar as a breakout candidate after several years of narrowing price action. And, it still is. The price action in Q1 was some of the best we’ve seen in some time but still leaves USD/JPY in the confines of its narrowing range.
With the upper threshold of the wedging pattern currently undergoing a test, we could find ourselves with a resolution in Q2. Either the first three-month surge will continue and potentially lead to an outsized rally; or very soon, we will see USD/JPY make its way lower in line with the same contracting sequence that’s played out in recent years
In the event USD/JPY can get above 110, a rally may commence towards the 2015 high set of over 125.00. It’s quite a distance from here and won’t happen in a straight line, but a strong trading bias could be cemented. If the range continues, then taking short-term clips out of USD/JPY in both directions may be the name of the game until we see a definitive breakout in either direction.
Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the correction and the ascending channel. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Japanese Yen is 109.18. Moving averages indicate a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from the US Dollar buyers and a potential continuation of the rise in prices from the current levels. As part of the forecast for the Japanese Yen rate for April 9, 2021, we should expect an attempt to develop a correction and a test of the support area near the level of 108.55. Further, the rebound and the continuation of the rise of the USD/JPY pair to the area above the level of 112.45.
An additional signal in favor of raising the USD/JPY currency pair will be a test of the resistance area on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 107.25. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue to decline to the area below the level of 105.45. With the breakdown of the resistance area and closing of quotations above the level of 111.55, we should expect confirmation of the development of a bullish movement in the pair.
As you can see, the signals from Tools Trades have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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