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How To Make Money Today: Daily Market Analysis and Forex Trading Signals 21 January 2022

To assist you to make a good day-trading selection, we’ll cover the newest forex market analysis and the trading strategy to use today. Make more money today with our market analysis. You must know how to trade first and have at least a simple understanding of chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…

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USD/JPY: 

On the Weekly timeframe, we can see that price touched the 1st resistance in line with horizontal swing highs and 127.2% FIbonacci Retracement and 161.8% Fibonacci Projection. We can expect the price to drop from the 1st Resistance towards the 1st Support in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bearish momentum is further supported by the stochastic %K line holding below the descending trendline resistance and a bearish divergence spotted. In reference to last week’s analysis, on the Daily timeframe price indeed dropped to the 1st Support.  Price is now abiding to the ascending channel, we can expect price to bounce from 1st Support  in line with 100% Fibonacci projection and 78.6% Fibonacci extension towards 1st Resistance in line with previous swing high, 127.2% Fibonacci expansion and 78,6% Fibonacci projection. Our bullish bias is further supported by the Ichimoku cloud acting as a support level.

On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. We can now expect price to bounce from 1st Support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level. 

Areas of consideration:

  • H4 1st resistance level 115.508
  • H4 1st support level 113.761
usdjpy forecast

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