USD/JPY

Market Opportunities - 09/11/2020

09 November, 2020 Research Department

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

USD/JPY uptrend opportunity based On 1.00 Lot Calculation:

US Presidential elections are still in the focus, but the post-elections optimism wanes and the prospect of a less than expected fiscal stimulus is supporting the dollar;
Technically, the dollar seems to be oversold.

USD/JPY, November 9, 2020
Current price: 103.66

USD/JPY	Weekly
Trend Direction	UP
Resistance 3	104.86
Resistance 2	104.66
Resistance 1	104.46
Support 1	102.86
Support 2	102.66
Support 3	102.46

Example of calculation based on weekly trend direction for 1.00 Lot*

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss Short in $	1,148	957	765	-765	-957	-1,148
Profit or loss Short in €**	968	806	645	-645	-806	-968
Profit or loss Short in £**	874	729	583	-583	-729	-874
Profit or loss Short in C$**	1,494	1,245	996	-996	-1,245	-1,494

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:45 (GMT) 11/9/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

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