USD/JPY weekly downtrend opportunity based On 1.00 Lot Calculation:
- BoJ meeting is scheduled for Thursday January 21. The consensus expectation continues to see the BoJ hold monetary policy unchanged into 2021, with policy rate expected to stay in negative territory at -0.1%.
- According to Reuters, the prospect of a brighter 2021 has lessened the need for a safe-haven dollar, while burnishing the attraction of riskier assets especially in emerging markets. JPMorgan, Goldman Sachs and BNP Paribas SA are all forecasting that Japan’s currency will hit the century mark for the first time in four years in 2021.
- The BOJ and the Japanese government are not satisfied with the rising yen. The BOJ issued its warning about watching the currency markets, but with interest rates already negative there is not much to be done.
USD/JPY, January 19, 2021
Current Price: 103.99
|
USD/JPY |
Weekly |
|
Trend direction |
|
|
105.59 |
|
|
105.10 |
|
|
104.61 |
|
|
103.31 |
|
|
102.77 |
|
|
102.19 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
USD/JPY |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
-1,557.03 |
-1,080.79 |
-597.74 |
658.97 |
1,187.70 |
1,745.59 |
|
Profit or loss in €** |
-1,285.61 |
-892.39 |
-493.54 |
544.10 |
980.66 |
1,441.30 |
|
Profit or loss in £** |
-1,145.53 |
-795.15 |
-439.76 |
484.81 |
873.80 |
1,284.25 |
|
Profit or loss in C$** |
-1,981.79 |
-1,375.63 |
-760.80 |
838.74 |
1,511.70 |
2,221.78 |
* 1.00 lot is equivalent of 100 000 units
** Calculations for exchange rate used as of 08:35 (GMT) 19/01/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client 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 Client Manager for more detail