Hi Traders! Today I am sharing with you my USDJPY short term forecast and technical analysis post. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available
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USDJPY H1(1 Hour) Chart Analysis – Bullish Convergence
On the H1 chart, we could see that the price has created a bullish divergence formed between the first low formed at 140.462 and the second low formed at 140.392 based on the MACD indicator. The price then moved higher and broke above the last high at 141.163 creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence, we may consider these as evidences of bullish pressure. In addition to this, there are no signs opposing this bullish view at the moment. So everything looks good here for the bulls and we may now move down to lower timeframe and look for evidences supporting this short term bullish view.
USDJPY M15(15 Mins) Chart Analysis – Strong Bullish Momentum, Two Key Support Zones
On the M15 chart, we have a strong bullish momentum and also currently there are no signs opposing this short term bullish view. Also while measuring this strong bullish move we have two key support zones that has formed. The first key support zone is formed based on the 38.2%(141.936) – 50%(141.543) Fibonacci retracement levels of the strong bullish move. The second key support zone is formed based on the 61.8%(141.151) Fibonacci retracement level of the strong bullish move. Until both these key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further.
Technical Analysis & Forecast Summary
USDJPY H1(1 Hour) Chart Analysis
- Bullish Convergence
USDJPY M15(15 Mins) Chart Analysis
- Strong Bullish Momentum, Two Key Support Zones
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team
