Forex Analysis Report - USP/JPY Reaches Six Month Highs...But I'm Waiting For The 114.00 Handle To Take Action
The Markets are ignoring trade talks for now. We are in a risk off environment this very moment. Despite Markets in Asia and especially in China falling, but without a substantial downfall in the S&P and based on the USD/JPY charts, USD/JPY should move a little higher
Monthly Chart (Curve Timeframe) – monthly supply is at 122.50 and monthly demand is at 101.50. Price came into monthly demand back in March and filled a bunch of buy orders.
Weekly Chart (Trend Timeframe) – the trend has been sideways for a while.
Daily Chart (Entry) – don't see any clear daily supply zones within the weekly supply zone.
The best option is to follow price action and wait until a trade set-up forms near 114.00.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
Finally a trader who analyzes currency pairs in terms of supply and demand.
Well done :)
Thanks @forex-intraday. What's your trading methodology, do you trade supply and demand?
Hey @rollandthomas, yes, I also focus on supply and demand. I have a very logical approach to financial markets and I don't like to apply standard patterns and indicators without focusing on what they really say about the market.
I will follow your blog with interest, good luck!
I'm also short in EURJPY: https://steemit.com/forex/@imusaj94/i-m-short-in-eurjpy