About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

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Pick of the Day: USD/JPY

Posted 20:51 13 July 2006 | Comments

Tonight we have the long awaited interest rate decision by the Bank of Japan at 1:00 am EST. It's been almost seven years since the Zero Interest Rate Policy has been in place, so we could possibly see a monumental move in the pair after the release of this decision. Of course, the market has pretty much factored in a rate hike of 25 bps, so what traders are waiting for really isn't the number, but the tone of the policy makers after the release. Hawkish or dovish on future monetary policy? Well, we'll just have to wait and see. Here's a couple of breakout trade ideas:

Long USD/JPY at 116.15, stop at 115.95, pt1 at 116.35, pt2 at 116.50

Short USD/JPY at 114.85, stop at 115.05, pt1 at 114.65, pt2 at 114.55