ANALYSIS ON USDJPY DURING THE MEETUP
On 16th October (Monday), we held our free weekly Alpha Play Weekly Traders Meetup, during which we shared our analysis and insights on upcoming news events to watch out for the week ahead.
One of the currency pairs that we shared and analysed with the community of traders is the US Dollar against the Japanese Yen pair (USDJPY). Watch the short video recording below and have a glimpse into how we analysed the USDJPY pair last week.
It was an exciting time because it was the government election period for Japan and usually during such events there would be huge moves for the currency in question.
*To protect our traders’ interest, not all pairs and details will be discussed in this post.
HOW WE TRADED THE USDJPY PAIR
- Price has been ‘crawling’ down;
- A divergence is formed on RSI; and
- Price broke above structure based on a downtrend line.
For attendees who took action and traded along with us, the market presented more than +100 pips of profits, or more than $1000 if traded on a lot size.
Below is a great analysis shared by an Alpha Play graduate, Mr Tan –
OUR ATTENDEES MADE MONEY!
A shoutout to Edwin for profiting from the USDJPY trade too!
THIS WEEK'S FOCUS
Looking at the risk events happening this week, our focus will be on the follow 3 currencies:
In this post, we would like to share one of the potential setups that we are monitoring, the Australian Dollar against the Japanese Yen (AUDJPY) pair.
After the fall in price from the recent high at 90.29 on 21st Sept to the recent low at 87.24 on 21st Oct, price has been developing in a corrective nature.
This gives us the bias in looking for a short setup on AUDJPY, targeting 86.02.