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USD/CAD: general analysis 19 April 2018, 13:11

USD/CAD: general analysis 19 April 2018, 13:11 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.2600...

Apr 16, 2018

USD/JPY: Murray analysis 16 April 2018, 15:07


Scenario
Timeframe Weekly
Recommendation BUY STOP
Entry Point 107.85
Take Profit 108.60, 109.47
Stop Loss 107.35
Key Levels 104.68, 105.50, 106.25, 107.81, 108.60, 109.37
Alternative scenario
Recommendation SELL STOP
Entry Point 107.00
Take Profit 106.25, 105.50
Stop Loss 107.40
Key Levels 104.68, 105.50, 106.25, 107.81, 108.60, 109.37
On the daily chart, it is seen that since February, the pair is trading within the central Murray channel 104.68–107.81 ([3/8]–[5/8]). Now the price is ready to test its upper border. In case of success, it can grow to the levels of 108.60 ([6/8], H4) and 109.37 ([6/8]). Otherwise, the correction to the levels of 106.25 ([4/8], the middle line of Bollinger Bands), 105.50 ([–2/8], H4) can develop.
Technical indicators support the growth роста. Bollinger Bands and Stochastic are reversing upwards, MACD histogram is growing in the positive zone. Worth noting, that the fundamental factors are playing the significant role in the market. Any tightening of the US-China trade conflict can cause a downwards correction despite the buy signals of the indicators.
Support and resistance
Resistance levels: 107.81 ([5/8]), 108.60 ([6/8], H4), 109.37 ([6/8]).
Support levels: 106.25 ([4/8]), 105.50 ([–2/8], H4), 104.68 ([3/8]).

Trading tips
Long positions can be opened above the level of 107.81 with the targets at 108.60, 109.47 and stop loss near the level of 107.35.
Short positions can be opened at the level of 107.00 with the targets at 106.25, 105.50 and stop loss near the level of 107.40.

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