Day trading strategies on currency pair USDJPY 23-08-2016 by AzaForex forex broker, all about trading on the foreign exchange market

Helpful advice on trading in the foreign exchange market.
In previous trading analytics for this currency pair, we have opened a short position. This currency in the forex market is going down, but very slowly and steadily. Taking into account that now there is nothing special to trade with and forex currency pairs are going nowhere, we can try to add to the already opened position. We have a small profit already, and we can use it to compensate the potential loss if the market turns against us. Therefore, we put a pending order for trend down. As we have told before, forex broker recommends to trade only in accordance with the already existing trend. Finding a market bottom or top of the movement, usually lead to losses. Only trade with the trend can, in most cases, bring the desired profit and satisfaction from trading. Therefore, according to the chosen trading strategy and analytics of the current situation on the currency market movements, we will wait for further movement of the currency pair down.

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: 99.50
•    The level of profit and close the position: 98.50 (100 pips)


Forex currency pair GBPUSD
Possible bullish movement in the breakout of the resistance level 1.3220

Forex currency pair EURUSD 
Possible bullish movement in the breakout of the resistance level 1.1370

GOLD
Possible bullish movement in the breakout of the resistance level 1344
 
Forex currency pair USDCHF
Possible bearish movement in the breakdown of the support level 0.9590