Relevant articles for you

Video

Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is trading gold. O'Hare is buying XAUUSD on a dip to $1,250/oz. He has a stop at $1,220 and his targets are $1,300, $1,320, $1,350 and $1,375.
Day trade
Trade view / 01 June 2016 at 7:15 GMT

Rallies look promising with USDJPY at 261.8% extension

Analyst / PIA First
United Kingdom
Instrument: USDJPY
Price target:
Market price:
Background

USD Index – Dips continue to be bought in the USD with the index moving towards to the top of the daily Ichimoku Cloud (96.10). For the last eight days we have been caught within this formation (Cloud). This normally dictates that price action is mixed and volatile. There is scope for further dip buying but, with an Ending Wedge formation present and bearish divergence on the RSI (Relative Strength Index), real caution should be noted at these levels for USD bulls.
Trend line resistance is at 96.12, supports at 95.56 (wedge).

USDJPY – Selling pressure has been seen overnight but there is ample scope for corrective rallies to sell into this morning.

Monthly – Prime zone is still focuses on 101.67-100.57. This is previous support and the 50% Fibonacci level.

Monthly - towards support
USDJPY M
 Source: Saxo Bank

Weekly – Still highlights a bearish count alive with the sequence for trading being lower lows and lower highs (waves).

Weekly - Bear Count
USDJPY W
Source: Saxo Bank

Daily – We can clearly see that for the last two trading day’s rallies have been capped by the daily Ichimoku Cloud and we have broken to the downside overnight. A retest of the breakout is at 110.30

Daily - Capped by the Cloud
USDJPY D
 Source: Saxo Bank

Two Hour – With the intraday chart highlighting the pair stalling at the 261.8% extension level of 109.73, it would be unwise to sell at the open. Reverse trend line resistance is seen at 110.25, close to Ichimoku Cloud base. However, our bespoke resistance is not seen until 110.65. With this in mind we would look to fade a move higher in two units.

Intraday - Stalls at 261.8%
usdjpy 2
 Source: Saxo Bank

Management and risk description

Parameters

Entry: Selling at 100.25 and 110.65 (1 unit each)

Stop: 111.05

Target: 109.11 (within 2 sessions) and 101.70 (long-term)

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
1y
Andrey Derimarko Andrey Derimarko
Entry: Selling at 100.25 ,,???
1y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
110.25 and 110.65 ... Thanks for pointing out
1y
seas seas
Why not trade this 108 level back up, then short?

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Tradingfloor.com and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Tradingfloor.com is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Tradingfloor.com or as a result of the use of the Tradingfloor.com. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail