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27/01/2015: Trading Idea BUYING USD/JPY


Trade:    BUYING USD/JPY

Entry:                    @ 117.40 (a pull back to the bottom of the range gives a chance to buy)

Target:                  118.85 (around the recent range high and a pivot level)

Stop:                     116.90 (below the support of the range low at 117.20)

Reason: I am playing the range 117.20/118.85  which has been in place for over a week. The RSI on the hourly chart has been an excellent gauge as a classic buy signal below 30.

USDJPY   27012015

 


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.