FOREX TRADERS

[Ataglance2]

I was pretty damn lucky last week on my trade eur/usd holding it from the close over the weekend..so pushing my luck on friday I bought usd/jpy at the close ,now the question is ,will pick ur pockets sunday pick my pockets....or will my pockets be filled again.? at least this time I put a stop in....,its a very good possibility,that the trade will just inch slowly sideways,and keep me stuck for a day or so .... technical ,we should see usd/jpy come close to 89,and here is what action forex says..
at least thats what im banking on....
USD/JPY Weekly Outlook
USDJPY Outlook | Written by ActionForex.com | Sep 18 10 14:57 GMT

USD/JPY Weekly Outlook

USD/JPY staged a sharp reversal and rebounded strongly from 82.86 last week. Though, the strong rebound hit resistance of 85.89 and struggled to break through and turned sideway way. With 4 hours MACD staying below signal line, initial bias is neutral this week and we'd possibly see some retreat first. Though, downside should be contained by 84.77 cluster support and bring another rise. Sustained trading above 85.89 will turn bring stronger rally towards medium term fibo level at 38.2% retracement of 94.97 to 82.86 at 87.46 next. However, break of 84.77 will indicate that rebound from 82.86 might be finished and will flip intraday bias back to the downside for retesting this low.

In the bigger picture, considering bullish convergence condition in daily MACD, fall from 94.97 might have made a medium term low at 82.86. Though, we'd prefer to see decisive break of 85.89 resistance before confirming. In such case, stronger rally should be seen to 55 weeks EMA (now at 90.23) and above. On the downside, though, break of 82.86 support is needed to confirm down trend resumption to 79.75 low. But even in case, we'll be cautiously looking for more sign of loss of momentum in case of further decline.

In the long term picture, there is no indication of trend reversal yet and USD/JPY 's long term down trend could still extend further to 1995 low of 79.75. However, we'd be cautious on any sign of loss of momentum and reversal on next fall. Break of 94.97 resistance will now be an important signal of trend reversal.