How To Make Money Today: Daily Market Analysis and Forex Trading Signals 11 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.
In reference to last week’s analysis, price indeed touched the 1st Resistance at 116.25. On the daily chart price is trading in an ascending channel, signifying an overall bullish momentum. However, price is at a horizontal resistance, we can expect price to make a short-term bearish drop from 1st Resistance in line with 78.6% Fibonacci projection and previous swing high. Price could potentially drop to 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance level.
On the H4 chart,in reference to last week’s analysis, price indeed bounced at 1st Support and it is reaching our potential 1st Resistance level @ 115.598.
Price is trading in an ascending channel signifying an overall bullish momentum, however, we can expect a short-term bearish drop from 1st Resistance level in line with horizontal resistance and 100% Fibonacci projection towards 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.
Areas of consideration:
- H4 1st support at 113.484
- H4 1st resistance at 116.257
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