Daily FX Training | Learn Forex with the Dynamic Traders: Gold & Yen

Good Evening/Day Dynamic Traders,

Having mentioned that the Yen currency pairs have been quiet recently, they all happened to make massive movements today. Well done to those of you that captured some of the movement. I have taken the opportunity to revisit the previous blogs for USDJPY and Gold from last week.

The USDJPY daily mentioned on last Thursday's blog is posted below. It has broken through previous resistance and gone through the Fib breather level on the weekly chart. MACD is showing continued strength to the upside. That said, price is approaching several confluences including the figure, Fib cluster and the value index. If the trend has indeed changed then all of these will merely delay price going upwards and good management of the trade will enable profit taking. If price is retracing to the next breather level, before it continues with the trend, then a good aggressive opportunity may be available for entry.

Gold (mentioned last Wednesday) did infact tag the 1000 mark again, and provided a nice reversal candle before retreating down. It will soon be faced with a strong support level combined with a Fib breather level. If the trend continues to the upside this area will provide good opportunity for entry on trading with the trend. One for the watchlist!