Japanese Yen

Good evening Forex Traders,

I hope your trading is going well this week, and if you are in any positions, you are managing them in accordance with your 'Trading Plan'.

Tonights chart is one to keep a close eye on, the USDJPY.

The weekly chart has hit a similar position to where the daily chart could be heading, that is our 123886. At the moment the daily is a step up from this, but with the nearly OS Stochastic and the numerous confluences, including the convergences that position could soon be reached, which also coincides with the RN.

The fudged trendline on the chart below has been broken, but price has now retraced back below. Wait for your confluences to all tie in and execute your trade accordingly.

As always please do your own analysis before taking any trades.

Charts courtesy of TradeStation.

Good luck with your analysis and trading.

Clayton Farnworth.