Day trading strategies on currency pair USDJPY 15-08-2016 by AzaForex forex broker, all about trading on the foreign exchange market

Helpful tools and tips for foreign exchange traders.
US dollar is again slowly, but steadily declining against the Yen. US dollar is trying hard, but is still in a downward trend in this currency pair. Yen does not show wide range of quotations on the foreign exchange market and well adheres to the selected trends. Many traders like to trade at the foreign exchange with this tool. Most forex brokers provide that trading tool for anyone wishing to try their hand in the foreign exchange market, and this pair is included in the top four of the most popular majors trading instruments. Maybe because the condition of the Japanese economy is relatively stable, and quotations movement is softer and more predictable, so these characteristics attract many bidders. Also some traders like the small risks when trading this currency. Here and now, we see the classic pattern on the chart, where the pair tested several times the level of support and is preparing to move a step further. Entrance to the transaction may be with low risk, because it does not make sense to put a stop too far from the level of the breakdown . If the movement starts to accelerate after breaking the support level, stop can be easily transferred to a level without loss, since the nature of the graphs of the pair does not differ too much.

The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.

If the support level is broken you can use the following recommendation:
•    Chart timeframe: H4
•    The trade recommendation: Sell
•    The level of entry into short position: 100.60
•    The level of profit and close the position: 99.00 (160 pips)


Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2870

Forex currency pair EURUSD 
Possible bullish movement in the breakout of the resistance level 1.1230

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Possible bullish movement in the breakout of the resistance level 1357.00
 
Forex currency pair USDCHF
Possible bearish movement in the breakdown of the support level 0.9700