USDJPY: Daily Short Fundamental & Technical Set-Up): 243 pips
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FUNDAMENTAL:
There is NOTHING on the economic calendar that warrants attention, given Friday's inauguration and the implications of Trump's fiscal policy-making and actions. There is really nothing to exploit except the unclear view the Trump election has on the markets at the moment. It is unclear how he will influence the economy in a direct way. It is a free for all for sentiment and technical cycles.
Fiscal Policy:
The best that I can make out of this new presidency that would be VERY VERY relevant to us FOREX traders is keeping an eye out for Trump's infrastructure spending projects: (1) building roads, bridges, "WALLS," cyber security taxing the trillion dollars of U.S. corporations abroad that do not employ US citizens in its home country; and reduced taxes domestically.
The Fed:
The Fed has ended its non-traditional monetary policy and I expect them to raise rates three times in 2017, as housing has rebound, low gas prices and good consumer confidence. Corporate earning are still a problem, but if Trump's policy works out, it could help indirectly.
From a technical perspective, USDJPY looks to me like it can drop about 243 pips from where it is now.
Individual Currency Analysis:
Daily:
The Yen is stronger than the dollar at the moment, and one a daily basis and has recently retraced its footsteps:
Intraday:
The dollar has been stronger than the Yen, but its strength has been waning. In fact, it looks as though the Yen is starting to gain strength again:
TECHNICAL SIGNS:
(1) Candle Wick with a lot of activity
(2) Activity slowed down as the price moved up. This confirms what I see with my individual currency strength analysis.
(3) (Price has retraced 50% to 61.8%.
(4) Price is testing previous support
(5) Price is tested the upper channel of resistance.
(6) Stochastic RSI is overbought
(7) MACD has fallen below the zero line.
My Plan:
I will observe the intraday signals and see if I can get a better entry. I will also be monitoring the market from an individual currency stand point. I will enter and exit multiple times along the way on a smaller time frame.
Nota
New Youtube Weekly Economic Calendar Update: youtu.be/zuRq8lzhTwQNota
Nota
going back to sleep. It was a good day.Nota
Trade chiuso: obiettivo raggiunto
Nota
One more push down, maybe, to 112.10
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