Trading Outlook – USD/JPY

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Originally updated: 06:56

Status: Pending

Trading period: LONG

Currency pair: USD/JPY

Entry: 117.77-117.70

Take profit: 118.05-118.60

Stop: 117.45

Sentiment: Bullish

Market Focus: In today’s trade set up we will be focussing on buying opportunities on the USD/JPY.

Fundamentals: Chinese data surprised markets this morning as the economy grew faster than most thought with GDP rising 7.3% vs. analysts expectations of 7.2%, this saw the Yen weaken as investors took to a risk on footing. Eyes are very much focussed on the euro this week as the ECB comes into the spotlight with most thinking they will announce a very much awaited QE program. Figures running the wires are in the estimate of 550 billion euros. Should the number be a disappointment we could see the euro rally as investors have been pricing in this event for a while now.
There is not much trade wise today, however we could look for possible short term scalps to the long side on the USD/JPY.

Technicals: Keep an eye on 117.77-117.70 as this should offer short term support.

Stop loss could be placed at 117.45

Target area: First area of interest is 118.05, then 118.60. Risk can be taken out of the trade if first level hit.

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Source:: Trading Outlook – USD/JPY

About the Author
Jarratt Davis is the world’s ranked #2 (2008-2013) Forex Trader by Barclays FX Hedge Index, following years of mastering his art as a self employed trader Jarratt has now entered the field of education and delivers the most robust Forex education package on the market. Jarratt’s mentorship is one of the only programs on the market that is conducted by a verified professional trader. Forex Alchemy readers can get the FREE mini course where Jarratt gives away some of his secrets to success by Clicking Here... [space height="20"] [social type="facebook"][/social] [social type="twitter"][/social] [social type="google-plus"][/social] [social type="youtube"][/social]

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