How To Make Money Today: Daily Market Analysis and Forex Trading Signals 4 February 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 chart, price has broken out of the descending channel and near support level of 112.500 which is also 23.6% Fibonacci retracement and 100% Fibonacci projection. Price can potentially go to the 1st resistance level of 118.677 which is also 78.6% Fibonacci retracement. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it.
On the daily chart price is trading in an ascending channel and is between 1st resistance of 116.257 which is also 127.2% Fibonacci retracement , 78.6% Fibonacci projection and 1st support of 113.484 which is also 100% Fibonacci projection and 78.6% Fibonacci retracement. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it.
On the H4 chart,in reference to yesterday’s analysis, price indeed bounced at 1st Support. Price is trading in an ascending channel signifying an overall bullish momentumWe can expect price to bounce from 1st Support in line with 78.6% Fibonacci retracement and 100% Fibonacci projection towards 1st Resistance in line with 78.6% FIbonacci projection and previous swing high. Our bullish bias is further supported by the stochastic indicator where the %K line is at the support level. Traders should wait for price to swing higher or lower before entering.
Areas of consideration:
- H4 1st support at 114.025
- H4 1st resistance at 115.598
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