[ul]
[*=left]The weaker dollar will drive the dollar yen lower and i expect it to test the 102 level and rebound
[/ul]
[B]
[/B]
Hourly Chart
[ul]
[li]As my chart suggest, i expect prices to reach my target area[/li][/ul]
[I]Outlook Trade opportunity[/I]
[B][I]There is two trades, one on a daily chart where you will need to trade a very small position as stops and targets are very wide however RR should be 1:2[/I][/B]
[B][I]
[/I][/B][B][I]The other is on the hourly chart, where if you want to counter trade, buy at the lower part of my target area, or if you follow trend, sell on retrace but with a distance for profit to the target area.[/I][/B]
[B][I]
[/I][/B][B][I]
[/I][/B]
[ul]
[=left]Based on the daily chart, Price action clearly rejected from support with a bullish englufing candle
[=left]Potential for new highs
[/ul]
[B]
[/B]
4h Hourly Chart
[ul]
[=left]There is a slight divergence on the stochastic
[=left]Asian Session started lower, and found support at the 50% retrace
[*=left]Trend followers should consider going long from here
[/ul]
[B][/B]
Hourly Chart
[ul]
[li]The 50% retrace level, is also a confluence of fib ext 127.2 from recent swing down (retrace leg), if this level fails, the 61.8% is next support (and 161.8 ext)[/li][li]Next potential strong resistance is at the 106.-106.200 where we find many confluence of fib ext levels - Counter trend setup[/li][/ul]
[I]Outlook Trade opportunity[/I]
[B][I]Opportunity to go long following confirmation in Daily chart. (Please see H4)[/I][/B]
[B][/B][B][I]Another opportunity is a counter trend trade which probably won’t be this week, however would setup a sell order at the projected major resistance level (please see H1 Chart)[/I][/B]
[B][I]
[/I][/B]
