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Knight_Rider

Knight_Rider

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xersion said:
Dunno where to find support

Sent from OPPO X9079 using GAGT
Click to expand...

Forex-USDJPY-Flirts-with-Support--Bearish-Sub-117_body_Picture_1.png.full.png
 
Knight_Rider

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xersion said:
Got layman chart?

Sent from OPPO X9079 using GAGT
Click to expand...


The pair has been trading within the confines of a near-term descending pitchfork formation extending off the highs with today’s rally reversing sharply just ahead of the weekly / monthly opens. The focus remains lower while below today’s high with a break below last week’s low at 115.07 targeting more significant support zone at 113.99-114.15. Subsequent support targets are eyed at 113.47, the 50-line & the 1.618% at 111.80. A quarter of the daily average true range (ATR) yields profit targets of 30-34 pips per scalp. Added caution is warranted tomorrow with a string off Fed speakers on tap.

USDJPY has set its weekly / monthly opening range just above slope support extending off the 2016 lows. A close below this region would suggest a more meaningful correction is underway with such a scenario targeting initial support targets at 114 & the 50-line (currently ~112.30). Interim resistance is eyed at the monthly open at 117 with a breach / close above 118.17 needed to mark resumption of the broader uptrend.

https://www.dailyfx.com/forex/funda...rce=AWeber&utm_medium=Boutros&utm_campaign=em
 
Mr.Canberra

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Market in a risk off, safe haven buying mode. :s13:

US House Speaker Paul Ryan (R) must be eating and sleeping very well. He put on a bit of weight liao. Ever since Trump won I think his job become damn smooth sailing. :D
 
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Red Nails

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sorry if this is confusing but if i short JPY/USD,

my profits will be in USD assuming JPY depreciates against USD is that correct?
 
Mr.Canberra

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USD/JPY

Red Nails said:
sorry if this is confusing but if i short JPY/USD,

my profits will be in USD assuming JPY depreciates against USD is that correct?
Click to expand...

Trade will be in the form of USD/JPY not JPY/USD. Does not matter LONG or SHORT.

Eg. You SHORT at 115. If price moves up to 115.10 that means USD appreciates, JPY depreciates. Unrealised loss -10 pips.

Eg. You LONG at 115. If price moves up to 115.10 that means USD appreciates, JPY depreciates. Unrealised gain +10 pips.

Eg. You SHORT at 114. If price moves down to 113.90 that means USD depreciates, JPY appreciates. Unrealised gain +10 pips.

Eg. You LONG at 114. If price moves down to 113.90 that means USD depreciates, JPY appreciates. Unrealised loss -10 pips.

Realised gains or losses will be denominated in JPY. Some brokerages will automatically convert to base SGD and some don't. Those that don't you can manually convert your JPY (if needed) to any other currencies in your trading account.
 
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