Daily Forex Chart Art - Mar. 2, 2015


USD/JPY: 1-hour

USD/JPY: 1-hour


Anybody up for a countertrend forex setup on USD/JPY? The pair is currently testing the top of its rising channel on the 1-hour time frame and may head back south. Stochastic is almost in the overbought area anyway, which suggests that resistance near the 120.00 major psychological level might hold and push the pair back towards support at 119.00. However, if buyers stay strong, an upside break past the 120.00 handle is possible and this would mean more gains for USD/JPY. Just make sure you review our lesson on How to Avoid Fake Outs if you’re trading this one!

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