How To Make Money Today: Daily Market Analysis and Forex Trading Signals 4 April 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, prices have approached an all time high. We see the potential for a dip from our 1st resistance at 125.271 in line with 200% Fibonacci Projection towards our 1st support at 118.894 in line with 23.6% Fibonacci retracement. RSI is at levels where dips previously occurred. On the daily, prices are on strong bullish momentum. We see the potential for a bounce from our 1st support at 121.320 in line with 38.2% Fibonacci retracement towards our 1st resistance at 124.312 which is a swing high. On the H4 timeframe, prices have approached a strong resistance. We see the potential for a dip from our 1st resistance at 122.411 in line with 23.6% Fibonacci retracement towards our 1st support at 121.277 in line with 100% Fibonacci Projection. Prices are testing the ichimoku clouds, supporting our bearish bias.

Areas of consideration:

  • H4 time frame, 1st resistance at 122.411
  • H4 time frame, 1st support at 121.277 
usdjpy analysis

Darvas Box predicts a consolidation in the 121.30-123.00 area for USD/JPY.

  • During the Darvas box formation, the asset is trading at a low level.
  • A bullish cross of the 20- and 50-EMAs indicates that further upside is on the way.
  • If the yen falls below 121.30, the bulls may be able to dictate pricing.

Following a dramatic drop from a six-year high of 125.10 last week, the USD/JPY pair has underperformed in the following four trading sessions. The major is trading flat on Monday, despite a lower US dollar index (DXY).

On an hourly basis, USD/JPY is fluctuating in a ‘Darvas box,’ which suggests a drop in volatility followed by an increase. After a corrective move, the explosion of a Darvas box usually results in the continuation of the current trend. The chart pattern has been set in the 121.33-123.00 area.

It’s worth mentioning that the bullish crossing of the 20- and 50-period Exponential Moving Averages (EMAs) around 122.10 adds to the upward filters. The Relative Strength Index (RSI) has changed from 40.00 to 60.00, indicating that the greenback bulls have lost steam.

If the asset surpasses the Darvas box high of 123.00, it will make a quick advance to the March 29 high of 124.30, then to a six-year high of 125.10.

Yen bulls will drive the major towards the round level support at 120.00 if the asset falls below the Darvas box low of 121.33. If the latter is breached, the major will be dragged back to its March 18 low of 119.08.

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