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USDJPY - Looking to buy today

Discussion in 'Jarratt Davis- Trading Signals' started by Jarratt Davis, Jul 7, 2014.

  1. Jarratt Davis

    Jarratt Davis Special Consultant to the FPA

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    Posted 7[SUP]th[/SUP] July 2014 – 07:30AM London Time

    Hey everyone,

    I’m looking for buying opportunities on USD/JPY after the pair broke above 102.19, which is its 100 daily moving average, after US NFP data came in better than expected on Thursday.

    I’m looking to long this pair around the 102.00 area with a profit target of 102.50 to 102.70 and a SL around 100.90

    Overall Bias on this trade


    This trade is mainly based off strong US NFP data. I remain neutral on USD in the long term but feel that USD/JPY will rally mainly because of central banks differences, with the FED tapering QE and the BOJ still full steam ahead with their QE programme.

    If the price falls down to 101.00 I expect it to be supported, so this would be an even better price to buy USD/JPY.

    P.S - If you want to learn more about how I trade, check out this link below

    http://www.forexpeacearmy.com/forex...e-trading-course-forex-pro-jarratt-davis.html


    - Jarratt Davis
    Fx trader, funds manager and Forex mentor
    www.JarattDavis.com

     
  2. Bangla Forex Rider

    Bangla Forex Rider Private, 1st Class

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    @ jarat davis
    can you kindly give opinion on CAD fundamentals. What factors we should be looking if we wanna trade CAD pairs.

    regards
    shishir
     
  3. lancedes

    lancedes Recruit

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    The suggested R:R on this trade is exceptionally low. Have you made a typo?

    Thanks
    Lance
     
  4. dolzsan

    dolzsan Private, 1st Class

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    Thanks for the analysis Jarratt.

    I'm wondering about CAD myself. I'm short on USDCAD and going my way thus far. Pondering if I should close before the news.
     
  5. Jarratt Davis

    Jarratt Davis Special Consultant to the FPA

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    Hey shishir,

    The BoC are basically in a ‘wait and see’ mode and are trying to determine whether the recent run of good economic data and rising inflation is just ‘transitory’ or something that will actually take hold. Remember that inflation is what the BoC are most focused on.

    The start of 2014 saw a distinctly more dovish BoC coupled with weak data and low inflation, which led to a dramatic fall on CAD as traders believed that it would weaken into 2014 and beyond.

    Since that time the data has improved and the inflation outlook has steadily grown stronger, while the BoC have become a lot more neutral, refusing to actually rule out rate hikes should they be required.

    My view here is that the Cad is now a slightly bullish currency, however I won't be looking to trade USD/CAD until after the BoC meeting on July 16th - this meeting is very important because we are looking for the BoC to change their tone to more hawkish and basically accept the economy is better than previously thought.

    I hope that helps!

    Jarratt


    - Jarratt Davis
    Fx trader, funds manager and Forex mentor
    www.JarattDavis.com

     
    #5 Jarratt Davis, Jul 7, 2014
    Last edited: Jul 7, 2014
  6. Raymond Loh

    Raymond Loh Private

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    Jaratt, would it be appropriate to do a swing trade right now for USD/JPY?
     
  7. erobbs

    erobbs Recruit

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    Hi Jarratt,
    The reward to risk on this trade is worse than 1:2.5.....is this correct?

    Ed
     
  8. Knight_Rider

    Knight_Rider Private, 1st Class

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    Around the 101 handle seems a very good support level in the month chart. 30+ weeks awaiting the next breakout. Risk/reward pretty good. Am I correct?
     
  9. Jarratt Davis

    Jarratt Davis Special Consultant to the FPA

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    Hey guys,

    I don't pay much attention to risk reward, it's all about probabilities to me- you could move your stop loss to around 101.20, which is just below the lows of June.

    Jarratt


    - Jarratt Davis
    Fx trader, funds manager and Forex mentor
    www.JarattDavis.com

     
  10. erobbs

    erobbs Recruit

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    Wow! You dont pay much attention to risk/reward....you are the first successful professional trader I have ever heard saying that....that is one of the things that most people drum into you when you are learning.....surely there must be a point where you say the risk isnt worth it.....
     

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