For Traders

Analytical Reviews

Trading plan

27.07.201808:55 Forex Analysis & Reviews: Trading Plan for USD/JPY for July 27, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

The outlook for USD/JPY looks to be bullish at least in the short term. As depicted here on the 4H chart, the pair has been forming higher highs and higher lows since May 2018. Moreover, it has bounced right from the support line that connects previous 2 bottoms/lows at 110.60 levels yesterday. Looking into the wave structure, the pair is poised to stage a rally from yesterday's lows and push above 113.00 levels before producing a meaningful pullback lower. Furthermore, the pair is finding support from the past resistance turned support zone as well. Looking into all these convergence points, it is high probable, that USD/JPY is headed north from here till prices stay above 109.30 levels.

Trading plan:

Remain long, stop at 109.25, target above 113.00

Fundamental outlook:

Watch out for US GDP figures to be out today at 08:30 AM EST.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.