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USD/JPY

Market Opportunities - 17/11/2020

17 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 downtrend opportunity based On 1.00 Lot Calculation:

  • Distribution and vaccination (and timing) is quite a different thing from an efficient vaccine. Number of infections in Europe and the US are rising rapidly;
  • The yield differential has narrowed between the Western economies yields and the Japanese bonds pushing investors to safe haven yen;
  • Technically, the currency pair seems to continue its long-term downtrend.

USD/JPY, November 17, 2020
Current price: 104.29

USD/JPY

Weekly

Trend Direction

DOWN

Resistance 3

105.49

Resistance 2

105.29

Resistance 1

105.09

Support 1

103.49

Support 2

103.29

Support 3

103.09

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 $

-1139

-950

-760

760

950

1139

Profit or loss Short in €**

-960

-800

-640

640

800

960

Profit or loss Short in £**

-861

-718

-574

574

718

861

Profit or loss Short in C$**

-1488

-1240

-992

992

1,240

1488

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:45 (GMT) 17/11/2020
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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