In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we are looking at Yen weakness and more Oil weakness.
USDJPY
We are very conscious of the strength which seems to be creeping back into the US Indices Market. As a result, we are seeing a potential opportunity in the USDJPY market. From a technical perspective last month, we, effectively, saw a double bottom followed by a structural failure to the upside. Yesterday, we saw a further continuation to the upside which we are looking to capitalise on. Therefore, we are looking for a buy trade above yesterday’s high of 113.50.
Oil
The other high probability trade to focus on is, again, continued selling below yesterday’s low of 61.22 in Oil. A break below this level is likely to see prices continue lower once more. One word of warning though is the fact that many commentators perceive this market to be oversold. This means that a pullback is likely in the near future.
Yen Weakness and More Oil Weakness – Full Video Analysis
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