"Girl, let me supply your demand, ’cause I love the way you shift those curves."
GOOD EVENING STEEMIT!
It’s Friday night in the forex trading world, but it’s a special Friday night. It’s the Fed’s annual Jackson Hole symposium this weekend and shit is about to get real, TONIGHT!
Markets have basically settled down into the status quo when it comes to central banking as ‘interest rate normalisation’ runs as the market expects.
When the market gets what it has already priced in, news is released and everything is calm. This has been what we’ve been seeing as Draghi and the Fed continue the status quo.
Draghi has already spoken this week and revealed nothing, but the market is an expectant beast and considering he’s on the bill, there is an expectation that there is more to come from those lush European lips of his. Just check out the photo and caption at the top of this page! :)
The market currently gives the Fed about a one-in-three chance of raising interest rates in December, but as you can possibly take from the latest rip in the US Dollar, there is more and more chatter of a September move.
So with that in mind, let’s take a look at an opportunity I’ve spotted to possibly long USD/JPY.
We’ve been watching this USD/JPY resistance level for a while now and shorting it off the level for a KILLER trade.
But that trade is done now price has hit the daily support level that you can see on the daily below:
USD/JPY Daily
There’s a couple of levels here and they’re all happily holding for now.
Keep in mind what I said above in terms of Jackson Hole and expectations around the Fed, this is your level to manage risk around while we trade this opportunity.
Moving into the hourly and it really gets interesting:
USD/JPY Hourly
With the higher time frame support level holding, we now zoom into an intraday chart to try to identify an entry just like this.
Higher time frame support has held, price has bounced before pulling back into short term resistance and retesting it as support where we buy.
That’s your entry.
Stop below the higher time frame zone.
This is a good one!
Peace!
PS: (I'm out at break even on EUR/USD. This one is where my money deserves to be.)
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