November 4, 2019
TREND: UP
The USD/JPY has managed to bounce off its 100 Day Exponential Moving Average and, moreover, it has managed to stay above the mark of 108.00. The USD/JPY has also managed to remain above its medium- term uptrend line (black line), suggesting that the pair is willing to stay on its upward pathway. The Daily Relative Strength Index has also remained above the mark of 50, trying to suggest that the medium- term bulls will remain in control. To the upside, the USD/JPY could target Resistance 1 of 109.311 and Resistance 2 of 110.351 in extension.
If, however, the pair fails to stay above the mark of 108.00 and suddenly it breaks below its medium- term uptrend line, the pair can start targeting Support 1 of 107.44 on the downside.

Graph: (USD/JPY, Daily)
|
Pivot Point: |
108.372 |
|
Resistance 3: |
111.476 |
|
Resistance 2: |
110.351 |
|
Resistance 1: |
109.311 |
|
Support 1: |
107.440 |
|
Support 2: |
106.456 |
|
Support 3: |
105.378 |
Example of calculation based on weekly direction for 1.00 Lot*
|
USD/JPY* |
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|
Pivot Points |
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|
Profit or loss in $ |
2,864.21 |
1,826.12 |
866.46 |
-860.00 |
-1,767.98 |
-2,762.71 |
|
Profit or loss in €*** |
2,566.50 |
1,636.31 |
776.40 |
-770.61 |
-1,584.22 |
-2,475.54 |
|
Profit or loss in £*** |
2,215.68 |
1,412.64 |
670.27 |
-665.27 |
-1,367.67 |
-2,137.16 |
* 1.00 lot is equivalent of 100000 units
*** Calculations for exchange rate used as of 10:21 am (GMT +1) 04/11/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
**** Please, consider closing your position in profit, even if it is lower than suggested one
***** Trailing stop technique can protect profit – Ask your Senior Account Manager for more details