empty
 
 
pt
Suporte
Abertura instanânea da conta
Plataforma de negociação
Depósito/Retirada

09.07.202410:01 Forex Analysis & Reviews: USD/JPY: trading tips for beginners for the European session on July 9

Overview of trading and tips on USD/JPY

The price test of 160.90 occurred when the MACD indicator was just starting to fall from the zero mark, which confirmed the correct entry point to sell the dollar. As a result, USD/JPY fell by more than 30 pips. Today, reports on the monetary aggregate and manufacturing orders in Japan did not significantly affect the market dynamics. Considering how buyers are actively seizing every chance when the dollar falls, Federal Reserve Chairman Jerome Powell's speech may affect the USD/JPY trend. His tough stance has already caused a significant drop in the Japanese yen, and any statements about maintaining the interest rate gap between the US and Japan could push USD/JPY to rise and the pair could return to the annual high. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and 2.

Exchange Rates 09.07.2024 analysis

Buy signals

Scenario No. 1. Today, I plan to buy USD/JPY when the price reaches the entry point at 161.02 plotted by the green line on the chart, aiming for growth to 161.41 plotted by the thicker green line on the chart. Around 161.41, I'm going to exit long positions and open short ones in the opposite direction, expecting a movement of 30-35 pips in the opposite direction from that level. You can count on the pair to rise today after actively defending the intraday low. Before buying, make sure that the MACD indicator is above the zero mark and is just starting to rise from it.

Scenario No. 2. I also plan to buy USD/JPY today in case of two consecutive tests of 160.73 when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to a reverse market upturn. One can expect growth to the opposite levels of 161.02 and 161.41.

Sell signals

Scenario No. 1. I plan to sell USD/JPY today only after testing the level of 160.73 plotted by the red line on the chart, which will lead to a rapid decline in the price. The key target for sellers will be 160.36, where I am going to exit short positions and immediately open long ones in the opposite direction, expecting a movement of 20-25 pips in the opposite direction from that level. Pressure on USD/JPY may return at any moment as part of the bearish correction. Before selling, make sure that the MACD indicator is below the zero mark and is just starting to decline from it.

Scenario No. 2. I also plan to sell USD/JPY today in case of two consecutive price tests at 161.02 when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a reverse market downturn. One can expect a decline to the opposite levels 160.73 and 160.36.

Exchange Rates 09.07.2024 analysis

What's on the chart:

The thin green line is the entry price at which you can buy the trading instrument.

The thick green line is the estimated price where you can set Take-Profit (TP) or manually close positions, as further growth above this level is unlikely.

The thin red line is the entry price at which you can sell the trading instrument.

The thick red line is the price where you can set Take-Profit (TP) or manually close positions, as further decline below this level is unlikely.

MACD line: it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders in the forex market need to be very careful when making decisions to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade in large volumes.

And remember, for successful trading, it is necessary to have a clear trading plan, similar to the one I presented above. Spontaneously making trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Jakub Novak,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Não pode falar agora?
Faça sua pergunta no chat.