empty
06.09.2024 04:48 PM
USD/JPY: Simple Trading Tips for Beginner Traders for September 6 (U.S. Session)

Review of trades and tips for trading the Japanese yen

The price test at 142.74 occurred when the MACD indicator moved significantly below the zero line, limiting the pair's downward potential. For this reason, I did not sell the dollar. Buying on a rebound from the 142.12 level allowed me to gain approximately 50 points of profit. The further movement of the pair will depend on U.S. unemployment and non-farm payrolls data. News of a labor market recovery will lead to a sharp strengthening of the dollar and a decline in the yen. Otherwise, it is best to continue selling the dollar in line with the downtrend. The speeches of FOMC members John Williams and Christopher Waller should not be ignored either. As for the intraday strategy, I plan to act based on Scenario 1 without paying attention to the MACD indicator, as I expect strong volatility spikes.

This image is no longer relevant

Buy Signal

Scenario 1: Today, I plan to buy USD/JPY when the entry point around 143.28 (green line on the chart) is reached, targeting a rise to the 144.68 level (thicker green line on the chart). Around 144.68, I will exit the purchases and open sales in the opposite direction (expecting a movement of 30–35 points in the opposite direction from the level). A rise in the pair is likely today if strong U.S. data is released.Important: Before buying, ensure that the MACD indicator is above the zero line and just starting to rise from it.

Scenario 2: I also plan to buy USD/JPY today if there are two consecutive tests of the 142.82 price level when the MACD is in the oversold area. This will limit the pair's downward potential and lead to a market reversal upward. A rise to the target levels of 143.28 and 144.68 can be expected.

Sell Signal

Scenario 1: I plan to sell USD/JPY today after breaking the 142.82 level (red line on the chart), which will lead to a quick decline in the pair. The key target for sellers will be the 141.40 level, where I plan to exit the sales and immediately open purchases in the opposite direction (expecting a movement of 20–25 points in the opposite direction from the level). Selling pressure on the pair will resume if weak U.S. data is released.Important: Before selling, ensure that the MACD indicator is below the zero line and just starting to decline from it.

Scenario 2: I also plan to sell USD/JPY today if there are two consecutive tests of the 143.28 price level when the MACD is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downward. A decline to the target levels of 142.82 and 141.40 can be expected.

This image is no longer relevant

What is shown on the chart:

  • The thin green line indicates the entry price where you can buy the trading instrument.
  • The thick green line indicates the estimated price where you can set Take Profit or manually fix profits, as further growth above this level is unlikely.
  • The thin red line indicates the entry price where you can sell the trading instrument.
  • The thick red line indicates the estimated price where you can set Take Profit or manually fix profits, as further decline below this level is unlikely.
  • MACD Indicator: It is important to consider overbought and oversold zones when entering the market.

Important: Beginner traders in the forex market need to be very cautious when making entry decisions. It is best to stay out of the market before important fundamental reports are released to avoid sharp exchange rate fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that successful trading requires a clear trading plan, like the one I presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for intraday traders.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on January 17th (U.S. Session)

The test of the 155.56 price level coincided with the MACD indicator just starting to move upward from the zero mark, confirming a correct entry point for buying the dollar

Jakub Novak 12:00 2025-01-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on January 17th (U.S. Session)

The test of the 1.2220 price level during the first half of the day coincided with the MACD indicator already moving significantly below the zero mark, which, in my opinion

Jakub Novak 11:57 2025-01-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on January 17th (U.S. Session)

The first test of the 1.0290 price occurred when the MACD indicator had already moved far below the zero mark, significantly limiting the pair's downward potential. For this reason

Jakub Novak 11:53 2025-01-17 UTC+2

XAG/USD: Analysis and Forecast

Silver attracts sellers today, breaking a three-day winning streak and remaining subdued during the first half of the European session. The recent upward movement observed since the start

Irina Yanina 11:38 2025-01-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on January 17. Analysis of Yesterday's Forex Trades

The 155.96 price level was tested when the MACD indicator was just starting to move upward from the zero line, confirming a good entry point for buying the dollar. Consequently

Jakub Novak 08:14 2025-01-17 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on January 17. Analysis of Yesterday's Forex Trades

The first test of the 1.2184 price level in the afternoon coincided with the MACD indicator dropping significantly below the zero line, which limited the pair's downside potential. For this

Jakub Novak 08:14 2025-01-17 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on January 17. Analysis of Yesterday's Forex Trades

The test of the 1.0282 price level in the afternoon coincided with the MACD indicator beginning its downward movement from the zero mark, confirming this as a valid entry point

Jakub Novak 08:13 2025-01-17 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on January 16th (U.S. Session)

The test of the 155.93 level coincided with the MACD indicator starting its downward movement from the zero mark, confirming a valid sell entry for the dollar as part

Jakub Novak 13:17 2025-01-16 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on January 16th (U.S. Session)

The test of the 1.2204 level in the first half of the day coincided with the MACD indicator starting its downward movement from the zero mark, confirming a valid sell

Jakub Novak 13:13 2025-01-16 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on January 16th (U.S. Session)

No tests of the specified levels occurred during the first half of the day, so I stayed out of trades. The euro traded without any volatility and at low volume

Jakub Novak 13:10 2025-01-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.