FX TRADING: USD/JPY DAILY PREDICTION AND ANALYSIS

DAILY CHART 1

DAILY CHART 2

Forex forecast: USD/JPY has tested the fibo 261.8 level on the daily chart 1 and failed to break downwards and closed above 261.8 fibo level.
Forex analysis: The failure of the jpy bears to take the price further down as shown on daily chart 1 suggest that jpy bears are getting weaker and the usd bulls are getting stronger. The failure of the jpy bears to take the price further down below the 261.8 level suggest that the bearish trand which started on 05, 2010 has ended and a new bullish trend has started or is about to start. This is further confirmed by the MACD which has already started a positive divergence, an indication of a trend reversal. The trend reversal is further confirmed by the two doji candle sticks that formed on the fibo 261.8 level before a bullish candle stick,went up to break above the trendline as shown on chart 1 and 2
forex strategy:enter at 84.151
stop loss at 83.297
take profit at 86.967 or 87.767
This is a long term trading strategy
READ MORE: currency analysis

forex trading fever: the secret of mastering the ups and downs of forex

                         forex trading fever: The secrets of mastering the ups and downs of trading

A lot of people rush into forex trading without knowing that forex like any other form of business has its ups and downs. Forex trading can become for you a cash printing machine in your backyard  and at the same time if not properly managed can become a trader's greatest nightmare.
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A lot of people think that the only way of conquering the ups and downs of online forex trading is to have a trading plan and strategy, but emotions can cause you to loose, even if you have the best trading system and plan in the world.