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USDJPY 60 Minute NY Session Analysis
Hello traders good to be back with you for a new trading week. As it is Monday and most Asia and Euro markets are closed today for the Easter holiday. I do not recommend trading on a live account until the NY session opens and we see some movement and price action in the market.In the US session we have CAD Ivey PMI and ISM Manufacturing PMI. So I decided to look at the USDJPY today as we can see the effect of NFP very well on this chart. If you remember this pair has been sideways for a long time. I have placed the Fibonacci tool on the chart and looking for a pullback to the 38.2 at 119.57 and sell this. Now you ask but the dollar is very strong and you are correct. I am looking for price action to show me if the dollar stays strong or continues to drop. I am just trading what is in from of me and this is a bearish chart. The daily is still at resistance in a range I think this is going to be very interesting what we see in the next two days. Have a good day traders and we will Talk Soon ….. William
Source: http://www.fxinstructor.com/blog/usdjpy-60-minute-ny-session-analysis
This is one of my favorite pairs especially when it comes to scalping, but it is also risky. In recent times it has really got easier due to a lot more predictable stuff, but at the same time I am thankful to OctaFX broker, as they always keep low spread on it, so trading especially scalping is a lot easier. I have to pay low spread of just 0.2 pips for this and many other pairs, so this is simply phenomenal and most of my profits is just because of this.