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06.02.202609:24 Forex Analysis & Reviews: USD/JPY: Simple Trading Tips for Beginner Traders on February 6. Review of Yesterday's Forex Trades

Analysis of Trades and Trading Tips for the Japanese Yen

The test of the price at 157.04 coincided with the MACD indicator just beginning to turn downward from the zero mark, confirming the correct entry point for selling the dollar. As a result, the pair declined to the target level of 156.73.

Yesterday, the Japanese yen appreciated slightly against the U.S. dollar, breaking a five-day streak of declines. This positive shift was triggered by the release of weak U.S. labor market data, which typically reduces the appeal of the U.S. currency. Additionally, today's encouraging figures showing a significant increase in the Japan Leading Economic Index have further pressured the USD/JPY pair, strengthening the yen. The Japanese Leading Economic Index, designed to forecast future economic activity, jumped significantly, exceeding analyst expectations. This growth indicates a surge in domestic economic activity, creating a favorable environment for strengthening the national currency. Improved economic prospects generally attract foreign investments, increasing demand for the yen.

As for the intraday strategy, I will primarily rely on implementing scenarios #1 and #2.

Buy Scenarios

• Scenario #1: I plan to buy USD/JPY today upon reaching the entry point around 157.02 (green line on the chart), targeting a rise to the level of 157.45 (the thicker green line on the chart). At around 157.45, I will exit my long positions and open short positions in the opposite direction, aiming for a movement of 30-35 pips in the opposite direction from the level. It is best to return to buying the pair during corrections and significant pullbacks in USD/JPY. Important! Before buying, ensure the MACD indicator is above the zero mark and just beginning to rise.
• Scenario #2: I also plan to buy USD/JPY today if there are two consecutive tests of 156.70 when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to a market reversal upwards. A rise can be expected to the opposing levels of 157.02 and 157.45.

Sell Scenarios

• Scenario #1: I plan to sell USD/JPY today only after the 156.70 level is updated (red line on the chart), which will trigger a rapid decline in the pair. The key target for sellers will be the level of 156.35, where I intend to exit my shorts and also buy immediately on the bounce, aiming for a movement of 20-25 pips in the opposite direction from the level. It is better to sell at the highest possible price. Important! Before selling, ensure the MACD indicator is below the zero mark and just beginning to decline.
• Scenario #2: I also plan to sell USD/JPY today if there are two consecutive tests of 157.02 when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downwards. A decline can be expected to the opposing levels of 156.70 and 156.35.

What's on the Chart:

The thin green line represents the entry price at which one can buy the trading instrument;

The thick green line represents the approximate price where one can set Take Profit or secure profits, as further growth above this level is unlikely;

The thin red line represents the entry price at which one can sell the trading instrument;

The thick red line represents the approximate price where one can set Take Profit or secure profits, as further decline below this level is unlikely;

The MACD indicator: when entering the market, it is important to consider overbought and oversold zones.

Important: Beginner traders in the Forex market should be very careful when making entry decisions. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always set stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember, for successful trading, it is essential to have a clear trading plan, like the one presented above. Making spontaneous trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Jakub Novak,
Analytical expert of InstaSpot
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