|

Currency market: USD/JPY weekly target and EUR/USD day trade

As posted Sunday for the 9th week of USD/JPY weekly trades.

Long 113.18 and 113.10 to target 113.62. Long above 113.76 to target 114.63. Short 114.63 to target 114.20.

Results: missed bottom entry by 28 pips as USD/JPY traded to lows at 113.46. So 113.76 to 114.63 for +87 pips. Then 114.63 to 114.39 lows so far and +24 pips. Total running +111 pips.

Grand total for 9 weeks +1221 pips.

USD/JPY began the week at neutral, then traded to more neutral at 113.46 and neutral at 114.63. The trade was dangerous as USD/JPY traded in pure neutral territory all week. Any price below 114.75 remains in neutrality.

While profits were 111 pips, USD/JPY traded 132 pip range this week which means we missed 21 of the full 132 traded pips yet scored on + 90% of all traded pips.

USD/CAD for BOC at 10 am traded the exact same trade as the Fed at 2:00 pm and a 4-hour difference. A repeat trade and profits existed if one knew what they were doing but this is not the case in today's world of traded markets. The context to understanding left the building long ago.

EUR/USD for Fed traded 41 pips below and 13 pips above 1.1287. As usual, EUR/USD traded from the bottom support and failed to trade at bottoms. In actuality, the best trade was +41 pips, exit then possibly trade 1.1287 to 1.1300. Then of course comes reversals to profit from far more than 41 and 13 pips.

My interest rate system is the same exact manner traded by every central bank across the planet. The trades are the exact same. See the central bank research for proof.

Charts lie as they fail to show the proper breakdown in prices. A chartist would view the Fed move as 1.1246 to 1.1300 or 54 pips. Market prices are not that easy as traders must understand the context to breakdown to prices, the specific times to trade and know specific entries and exits in advance of the trade.

The chartist today can't teach what is not available to trade. The results will be massive account losses plus fees charged by the chartist.

Today's 3:00 am news candle traded 23 pips and its the biggest candle of the day so far as 5 1/2 hours exist to still profit from day trades if any profits exist.

Foir all the central bank blah blah talk to Inflation, wages, Bond purchases, promise to raise. All this isn't worth a dam anymore to profits as markets died and won't ever return to normality.

The hype doesn't match price movements but hype seems to sell to unsuspected.

EUR/USD day trade

Long Short Line 1.1219.

Most Important 1.1186 and 1.1199 Vs 1.1226, 1.1233, 1.1240, 11247, 1.1261, 1.1268 and 1.1276.

Bottom 1.1162 achieves by 1.1190 and 1.1176.

Upper target 1.1276.

Continuation Fail 1.1247.

EUR/USD today traded so far 1.1220 to 1.1193 or 27 pips or 13 pips per hour for each of 2 day trade hours. Note bottom points at 1.1186, 1.1190 and 1.1199. Perfect as usual despite dead markets.

Author

Brian Twomey

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

More from Brian Twomey
Share:

Editor's Picks

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s  irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest 

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.