Top trade idea for October 1st, 2015 – USDJPY

Top trade idea for October 1st, 2015 – USDJPY

By Mircea Vasiu on Oct 1, 2015 12:15:07 GMT

  • Tweet
  • Email
  • Tweet
  • Email

Crucial moment for the USDJPY pair as it is barely holding the same area that proved to be support on the left side of the chart and a break lower will only spell troubles for bulls. It is clear now that market is forming a triangle after the dip in the 116 level and the lower highs/higher lows series is supposed to break eventually. I cannot think of a better reason for the triangle to break but the NFP this coming Friday.

Being a fundamental reason, the triangle can break either way and the current scenario is based on finding an attractive risk-reward ratio. This can only happen if the triangle is breaking to the upside so a move above 122.50 is a must.

That being said, and considering the fact that the move into the 116 was a corrective one, and not an impulsive move, it means we’re looking for a flat pattern and after 122.50 an impulsive move lower to break the 116 lows should follow, hence the take profit.

A move above 125 is clearly invalidating this scenario.

About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

Recent posts by Mircea Vasiu

  • Top trade idea for December 1st, 2016 – USDCAD
  • Top trade idea for November 24th, 2016 – USDCAD
  • Top trade idea for November 17th, 2016 – EURAUD

MORE LIVE RATES
Economic Calendar ForexNews.com News, Charts, Research & Video

Copyright © ForexNews.com | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.


*