The purpose of this post is to share with you guys my own analysis on the EURUSD and USDJPY for this coming week so that you can also profit from its movement.
I also hope that you can also learn how I analyzed the chart so that you can do it on your own chart as well.
On the daily chart, you can see that the price has attempted to break through the trend channel but during the retest, it failed and the price moved back up and now it is back into the trend channel again.
For the upward movement due to the failed retest of the trend channel, I made a 70 pips profit and for those of you who are in my trade copier service, you should also have the trade automatically triggered on your account and you should also have made the 70 pips profit as well. (see the picture below on the EURUSD profit)
When the market closed on Friday, the price had hit a major resistance and therefore might start to move into consolidation. (See below for the hourly chart)
For this coming week, I will recommend that you look for opportunity to go LONG but I am not saying that you should anyhow enter a trade now.
You must do your analysis and wait for a good opportunity to do so.
What I can advice you is to wait for the price to break through the major resistance before you enter the BUY trade. If you are more patient, you can wait for the price to break through the major resistance and then come back to retest it before you enter the trade.
The USDJPY has moved into the trend channel and once it hits the upper trend channel, it started to move down and I made a 53 pips profit from it. (See below for the USDJPY profit)
For those of you who are using the service, you will also make a profit from this movement as well.
As you can see from the picture below which shows you the 15 minutes chart, the EMAs are stacked one after the other showing a strong downtrend.
If you take a look at the 4 hourly chart, you will see that the price has hit the 200 EMA and is moving towards the 400 EMA. The 400 EMA will serves as a strong level of support.
As a whole, the USDJPY will look likely to move down to hit the lower trend channel support eventually which is represented by the red line at the bottom. So I will be looking for a good opportunity to go SHORT for this week until the price hits the lower trend channel.
For those of you who are interested in joining my trade copier service, please take a look at the service via the link below