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USD/JPY closed on positive line on last trading day, and the forex price once tried to pass through 5 daily lines, however, it restrained itself slightly and gaining momentum, in the afternoon session, it is better for investor to observe. If the forex price stayed steadily on 83.01, the forex price will have perfect opportunity to develop.

The senior forex trader of Mitsubish UFJ Ltd, Hideaki Inoue said on last Friday that USD/JPY will meet with narrow interval, because the United States closed the market, but as the market predicted that Untied States economy will take a turn for the better, the forex price’s support nearby 83.00 will become stronger than before.

On Tuesday, February 22, 2011, the commodity trading account after seasonal adjustment in January on Japan, the commodity export in January and commodity import in January will be published, and it is predicted that those data will post influences to the trend of the forex price.

The trading direction of USD/JPY is to short or sell when the price is high and the trading strategy is to sell USD/JPY on 83.2, and stop loss on 83.5.

Forex trend analysis based on forex analyst from Ikon Group– You Zhou

For more information, please go to Ikon Group.