Forex Strategies

This is how we trade today:


Trading strategy: Buy

Open: 110.65

Target: -

Stop-loss: 109.85

Recommended size: 2.09 mini lots per $10,000 in your account

Short analysis: USD/JPY bulls tighten grip with third biggest one-week rise of 2018 last week. USD/JPY now needs to register a daily close above the key 110.85 Fibo, 61.8% retrace of the 114.73 104.56 (November to March) fall, in order to increase the likelihood of a test of the next important 112.33 Fibo level, 76.4% of the same 114.73-104.56 fall. We have raised our bid to 110.65.

Rising Treasury yields reflect continued optimism about the U.S. economy, reinforcing expectations that the Federal Reserve would raise borrowing rates at least two more times this year. The USD climbed to a four-month peak against the JPY. If 110.85 is not cleared shortly, USD/JPY pullback is likely.

This is how we trade today:

A strong rise in Canadian manufacturing sector is the most important news today. Canadian factory sales rose 1.4% in March, surpassing the 1.2% gain expected by the market, and February's increase was upwardly revised to 2.7% from a previously reported 1.9%, Statistics Canada said. The USD/CAD diverges from broad USD higher trend.

This is how we trade today:

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