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USD/JPY

Market Opportunities - 09/11/2020

09 November, 2020

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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