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Review of Trades and Tips for Trading the Japanese Yen
The test of the 154.85 price level occurred when the MACD indicator had just started to move up from the zero mark, confirming a good entry point for buying dollars. However, another test of 154.85 soon followed, and by then, the MACD had risen significantly without any movement from the pair. This suggested a potential reversal and the continuation of sales following the downward trend, resulting in a drop of more than 40 points. In the second half of the day, we expect significant statistics related to the US economy. Anticipated data include the manufacturing PMI, services PMI, and composite PMI for July this year. Positive data will likely lead to more dollar purchases and yen sales, impacting the current trend. For the intraday strategy, I plan to follow scenarios #1 and #2.
Buy Signal
Sell Signal
Chart Details:
Important: Beginner forex traders should be cautious when making market entry decisions. It is best to stay out of the market before the release of important fundamental reports to avoid sharp rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you do not use proper money management and trade large volumes.
Remember, for successful trading, you need a clear trading plan, such as the one presented above. Spontaneous trading decisions based on the current market situation are generally a losing strategy for intraday traders.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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