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Trade Analysis and Tips for Trading the Japanese Yen
The test of the 152.73 level occurred when the MACD moved well below the zero line, limiting the pair's downward potential despite the Japanese regulator's acknowledgment of the potential need for further rate cuts. The opportunity to buy on a bounce at 152.12 was more interesting, as I discussed in detail in the morning forecast. As a result, the pair recovered back to the 152.73 area, providing a good profit. In the second half of the day, the focus is on U.S. data, including initial jobless claims, the core Personal Consumption Expenditures index, and changes in personal spending and income levels. Rising inflation alongside income growth is positive for the dollar, while a decline in these indicators would prompt selling the dollar, as the Fed would be more likely to lean towards further rate cuts. For the intraday strategy, I'll focus on Scenarios 1 and 2.
Buy Signal
Sell Signal
On the Chart:
Important: Beginner Forex traders should make entry decisions cautiously. Before the release of important fundamental reports, it's best to stay out of the market to avoid sudden price fluctuations. If you decide to trade during news releases, always use stop-loss orders to minimize losses. Without stop-losses, you risk quickly losing your entire deposit, especially if you don't use money management and trade large volumes.
And remember, for successful trading, you need a clear trading plan, like the one outlined above. Making spontaneous trading decisions based on the current market situation is often counterproductive for an intraday trader.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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